Nokia have announced their Q3 2009 financial results, and when your “Highlights” section leads with the news that overall net sales were down 20-percent year-on-year, at €9.8bn, and mobile device volumes down 8-percent year-on-year (5-percent sequentially) to 108.5m units, you know it’s not been a good quarter. In fact, operating profit for devices & services was down 51-percent from the same three-month period a year ago, plunging from €1,602m to €785m.
CEO Olli-Pekka Kallasvuo is putting a positive spin on things, painting a picture of improving demand for products constrained by “component shortages we encountered across the portfolio”. Devices & services net sales have at least risen from the previous quarter, by 5-percent (6-percent when currency fluctuations are cancelled out), though Nokia Siemens Networks net sales continue to drag overall performance down.
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