updated 08:16 am EDT, Tue October 29, 2013
Lumia sales improve year-on-year from 2.9M to 8.8M
Nokia has made an unexpected operating profit of 118 million euros ($162 million) for the third quarter, according to its latest financial results. The profit, stemming from net sales of 5.66 billion euros ($7.8 billion), is a marked turn-around from the $755 million lost for the same period last year, and helps to compensate for the $151 million operating loss it endured in the second quarter.
During the period, it managed to improve on last quarter and year-on-year Lumia device sales of 7.4 million and 2.9 million respectively, hitting 8.8 million in total. When combined with Asha sales of 5.9 million, it brings the total smartphone sales to 14.7 million units, a quarterly improvement from 11.7 million. Despite these improvements, the Devices and Services section of Nokia actually made a loss of 86 million ($118 million) for the company.
Here and Nokia Solutions and Networks provided operating profits of 24 million euros ($33 million) and 166 million euros ($228 million) respectively, suggesting that the company will not only do fine after the future sale of its Devices and Services arm to Microsoft, but potentially be better off without it.
Nokia plans to hold an Extraordinary General Meeting on November 19th for shareholders to approve the Microsoft acquisition of the Devices and Services arm, a deal which is believed to be worth 5.44 billion euros ($7.5 billion) in cash, and is expected to close by the first quarter of 2014.