Nokia Beats Views as Low-End Shines
Nokia swung to a second successive net loss in the third quarter, but reported better-than-expected results thanks to higher sales of its low-end cell phones. Its shares rose more than 8 percent, as results highlighted an increase in shipments of its cheaper feature phones. The company’s American depositary shares jumped over 8%, as results highlighted an increase in shipments of its cheaper feature phones owing to strong sales of dual-SIM handsets, which allow users to have multiple phone numbers. Nokia shipped 89.8 million feature phones in the quarter, up 8% from a year earlier.
The world’s largest cell-phone company by volume posted a net loss of €68 million ($93.6 million), beating Wall Street expectations of a €321 million loss. Sales dropped 13% to €8.98 billion.
