Nokia posts $832 mn loss on sale of unit

World-leading mobile phone maker Nokia on Thursday reported a loss of euro559 million ($832 million, Rs 3,83.39 crore) in the third quarter, taking hits from a 20 per cent drop in sales and a one-time charge for the fallen value of its network equipment unit.

World-leading mobile phone maker Nokia on Thursday reported a loss of euro559 million ($832 million, Rs 3,83.39 crore) in the third quarter, taking hits from a 20 per cent drop in sales and a one-time charge for the fallen value of its network equipment unit.

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Nokia made a profit of euro1.09 billion (1.62 billion; Rs 748.60 crore) in the same quarter of 2008.

Net sales in the July-September period dropped to euro9.81 billion, down from euro12.2 billion in the same period last year, partly due to a shortage of components across its product portfolio, Nokia said.

Nokia has however indicated that it believes the worst is past, and raised its 2009 forecast for mobile phone volumes by 3 per cent to a 7 per cent decline from the previous year.