Nokia in Q3 loss of euro68 million on plunging sales

[October 20, 2011]  HELSINKI (AP) -- Nokia Corp. has announced a third-quarter net loss of euro68 million ($94 million) from a profit of euro529 million a year earlier as sales of smartphones plunged 39 percent and overall revenue dipped 13 percent.

Net sales in July through September were euro8.9 billion, down from euro10.2 billion in the same period in 2010.

The Finnish cellphone maker said the decrease in device and services sales was driven by a lower average selling price in mobile handsets and smartphones and an appreciation of the euro against certain currencies.

It said the lower volumes were due to the "strong momentum of competing smartphone platforms" relative to Nokia's higher priced Symbian devices, as well as "pricing tactics by certain competitors."

[Associated Press]

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