October 20, 2011 10:18 am EDT

Nokia Q3 2011 earnings: operating profit sinks 60 percent, but sales beat estimates

Man, can Nokia World get here any faster? Nokia needs Windows Phone in perhaps the worst possible way, and if you had any doubt whatsoever on that, just take a look at the outfit's woeful Q3 2011 earnings. Right off the top, net sales dropped 13 percent year-over-year (and three percent from Q2), while operating profit plummeted a staggering 60 percent year-over-year (and 36 percent since the prior quarter). All told, the company recorded net sales of €9 billion ($12.35 billion), and while things are gloomy in comparison to the glory days, it still has a whopping €5.1 billion ($7 billion) in its coffers. And the good news doesn't end there. The company's shares actually surged on word that the losses weren't as bad as anticipated, and that overall sales beat estimates. Only in a stock market can the loss of €68 million ($93 million) be "positive," but hey -- we're sure Nokia will take all the silver linings it can find. Of course, things should be on the up-and-up after a spate of WP7-based Nokia devices are revealed later this month in London, but it still remains to be seen how soon the company can ship, and if it can penetrate a smartphone market that's gaining iOS and Android loyalists by the truckload each day. Hit the links below for more percentages than the average simpleton can shake a stick at.

Nokia Q3 2011 earnings: operating profit sinks 60 percent, but sales beat estimates originally appeared on Engadget on Thu, 20 Oct 2011 06:18:00 EDT. Please see our terms for use of feeds.

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