Espoo, Finland-based Nokia Corp. switched to profits for the third-quarter of 2010 after seeing major losses last year. It reported a net profit of €529 million, or $737.9 million, up from a loss of €559 million, or $776 million, a year earlier.
The company saw improvements in its third-quarters sales by up to 4.7%, reaching €10.27 billion, or $14.25 billion though they did not include any revenues from the sales of new smartphone and software recently launched by the company. Nokia is planning to shed up to 1,800 jobs and abridge its production organization for Symbian smartphones.
Nokia raised its full-year operating margin guidance at its dominant devices and services segment to 10% to 12% from 10% to 11% previously. The company expects its volume market share to drop in 2010 from 2009; the company previously had a forecast for flat volume-market-share development.
Nokia has reduced its profit-margin forecasts and saw the departure of a number of top managers including former CEO Olli-Pekka Kallasvuo. The company has entered a struggling phase as Apple and HTC Corp. are giving it a tough time in the smartphone market. Nokia has focused on its Symbian smartphone platform, which is in direct competition with Google Inc.'s Android and Microsoft Corp.'s Windows Phone 7.
The company has started shipping its new line-up of smart phones that use the upgraded Symbian 3, which is also available in its flagship Nokia N8.
Nokia shares surged after the announcement of net profits, seeing a rally of as much as 7.3% to trade at €8.28, or $11.49.
