Nokia released its latest earnings report today, for Q3 2010. It reported a net profit of 529 million euros on sales worth 10.3 billion euros (up 5% YoY). Compared to Apple’s recent results, Nokia’s results seem lackluster, but Nokia definitely is on the right path.
The results did beat the estimates of most analysts who were projecting a much lesser profit. Nokia is undoubtedly the world leader in mobile phones, at least in terms of volume. It sold a total of 110.1 million mobile handsets this quarter, of which 26.5 million were smartphones.
Here is what Nokia’s new CEO, Stephen Elop had to say “In the five weeks since joining Nokia, I have found a company with many great strengths and a history of achievement that are second to none in the industry. And yet our company faces a remarkably disruptive time in the industry, with recent results demonstrating that we must reassess our role in and our approach to this industry.
Some of our most recent product launches illustrate that we have the talent, the capacity to innovate, and the resources necessary to lead through this period of disruption. We will make both the strategic and operational improvements necessary to ensure that we continue to delight our customers and deliver superior financial results to our shareholders.”