Nokia delivers huge profits hike

Flogging cheap mobiles is easy

Nokia's swallowed an estimated 39 per cent of the global mobile phone market in its third quarter, sending profits rocketing 85 per cent.

Net income hit £1.09bn, compared to £590.3m for the same period a year ago. A gold star goes to Nokia's Enterprise Solutions division, which boosted its revenues 105 per cent.

Overall, sales were up 28 per cent to £9.01bn.

The bread and butter Mobile Phones division produced a three per cent revenue increase, though as usual delivered good margins on its basic handsets. Nokia's bid to sell "multimedia computers" instead of cheapo phones took another knock: the average selling price for one of its handsets slid 8.9 per cent to just over £57.

Still, it beats the bejaysus out of Motorola, whose last financials reported its second loss in a row and prompted 7,500 job cuts. It's been overtaken by Samsung in the mobile phone super league.

Nokia's official report is here. ®

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