Nokia Q3 profits jump 85% to $2.2B

While everyone else was distracted by some touchscreen thing, Nokia spent the past quarter absolutely dominating the worldwide market for low-end phones, and the results, announced today, seem like the company might have the right idea: Nokia's profits rose 85 percent to 1.56B euros ($2.2B) on a sales increase of 28 percent to 12.9B euros ($18.2B). Although the increase this quarter was chalked up to increased sales of phones that cost less that $40 in Africa, the Middle East, and Asia, sales did fall in North America -- something Nokia will have to turn around if the company is to achieve its goal of a worldwide 40 percent market share. That's for another day, though -- for now, onnentoivotus!

[Jonathan-DBOSS @ Oct 18th 2007 7:54PM]

Nice, maybe Nokia'll dominate the world's cellphone sales by selling low-end phones fabricated from Slave/Chinese workers who don't mind getting paid 2 USDs an hour (for 20 hours) to manufacture them. Ahh, we love Wal-mart. [/sarcasm]

[Pedro Almeida @ Oct 18th 2007 8:00PM]

sarcasm is an art for few...

[John @ Oct 18th 2007 8:05PM]

I'm sorry sir, but we're going to have to confiscate your sarcasm license.

[reticulate @ Oct 18th 2007 8:21PM]

Epic Fail.

[Adrian Williams @ Oct 18th 2007 8:23PM]

95% of the electrons in a normal US home is made in China

[Legodude522 @ Oct 18th 2007 8:32PM]

Nokia inspects all the factories that produce products for them including their Chinese factories and crack down on any abuse.

[Jonathan Keim @ Oct 18th 2007 8:45PM]

LOL, I bet he was expecting to be the highest ranked post

[Greg Poole @ Oct 18th 2007 11:53PM]

Really, Adrian? Where do they make the protons and neutrons? :p

[maciej @ Oct 18th 2007 8:30PM]

"While everyone else was distracted by some touchscreen thing" thank you, in other words... game, set and match.

[wordord @ Oct 18th 2007 9:18PM]

"...low-end phones fabricated from Slave/Chinese workers..."

Then don't buy a cheap, low-end Nokia phone -- buy a high-end Nokia phone (i.e. the N-series), which is produced by highly paid Finnish workers with 6 weeks of paid vacation a year, 11 months maternity leave, (almost) free health care, free education from grade 1 to university, and so forth -- but don't complain about how much the phone costs!

[Mutiny32 @ Oct 18th 2007 10:06PM]

Kippis!

Not Finnish, but I went there this summer :)

[steve @ Oct 18th 2007 10:09PM]

gee's, these numbers (turnover and profit) make Apple look small.

[tekdroid @ Oct 18th 2007 11:49PM]

I love it when Nokia (and others) get bashed for releasing low-end phones in other posts, when it's clear this is an essential component driving growth for Nokia's business.

[Mark @ Oct 19th 2007 12:47AM]

"Nokia spent the past quarter absolutely dominating the worldwide market for low-end phones"....err they also spent the past quarter absolutely dominating the worldwide market for high-end phones too. Many people in the civilized world consider the N95 and the N-series in general to be far superior to the the iClone engadget likes to harp on about.

[Constable Odo @ Oct 19th 2007 12:57AM]

Nokia owns the market because the other manufacturers handsets, such as Motorola's, are downright crappy.

[WoliD @ Oct 19th 2007 3:07AM]

Thought Nokia dominates the high end markets too
The N- and E-Series has grown with 62% from Q3 2006 to Q3 2007. 31,7 million N- and E-series sold in Q3 2007.
They are getting 40% in Q4 its just fact with current Motorola performance. Thought after that it starts to get tricky...actually only market where they could do better is North America.

[JamL @ Oct 19th 2007 3:18AM]

These are the intresting bits

The Nokia 6300 is the number one revenue generator for Nokia and the device has sold 6 million units this quarter.

14% of the devices Nokia shipped in Q3 were smartphones.

N95 shipments increased 10% compared to last quarter, that indicates that there are over 2 million N95’s floating around out there.

[amby @ Oct 19th 2007 12:15PM]

JamL, where did you find this 10% increase? If you are right, then July-Sept Nokia sold 1.65 million N95s? (They have sold 1.5 million in 2Q according to their report.)

So then, all together there _more than 3 million Nokia N95_ around? I see them a lot lately everywhere, but that would be quite (too?) impressive.

Could you link where you've found the 10% increase?

[NTB @ Oct 19th 2007 2:28PM]

It was mentioned in the earnings release presentation webcast...

[JamL @ Oct 19th 2007 3:12PM]

Aye. I was actually trying to find that info from some where else too.
Source http://www.intomobile.com/2007/10/18/nokia-q3-2007-conference-call-85-increase-in-profit-from-a-year-ago-plus-other-good-news.html#comments

[masher @ Nov 6th 2007 4:24PM]

Good for me I bought Nokia at $14.75 per share