Nokia reported Q3 net sales of EUR 10.3 billion, up 5% year-on-year and 3% sequentially (down 2% and up 1% at constant currency). The company shipped a total of 110.4 million mobile devices during the quarter, up to 2% compared to last year but down 1% sequentially.
Stephen Elop, Nokia's new CEO, said the company faced a uniquely disruptive period in the mobile industry but that the company's technical depth provides unique opportunities for innovation.
Some highlights for the quarter.
- Devices & Services net sales of EUR 7.2 billion, up 4% year-on-year and 6% sequentially (down 5% and up 2% at constant currency).
- Services net sales of EUR 159 million, up 7% year-on-year and 1% sequentially; billings of EUR 325 million, up 89% year-on-year and 10% sequentially.
- Nokia converged mobile device (smartphone and mobile computer) volumes of 26.5 million units, up 61% year-on-year and 10% sequentially.
- Nokia mobile device ASP (including services revenue) of EUR 65, up from EUR 64 in Q3 2009 and EUR 61 in Q2 2010.
- Devices & Services gross margin of 29.0%, down from 30.9% in Q3 2009 and 30.2% in Q2 2010.
- Devices & Services non-IFRS operating margin of 10.5%, down from 11.4% in Q3 2009 and up from 9.5% in Q2 2010.
- NAVTEQ non-IFRS net sales of EUR 252 million, up 52% year-on-year and flat sequentially (up 47% and down 2% at constant currency).
- Nokia Siemens Networks net sales of EUR 2.9 billion, up 7% year-on-year and down 3% sequentially (flat and down 4% at constant currency). Nokia Siemens Networks non-IFRS operating margin of -3.9%, down from -1.9% in Q3 2009 and 1.7% in Q2 2010.
- Nokia operating cash flow of EUR 439 million, and cash generated from operations EUR 1 206 million.
- Total cash and other liquid assets of EUR 10.2 billion and net cash and other liquid assets of EUR 4.4 billion, at the end of Q3 2010.
