Nokia posted a $1.36 billion loss in Q3 as the company wrote down...
Nokia posted a $1.36 billion loss in Q3 as the company wrote down the value of its wireless networks venture Nokia Siemens by $1.35 billion. But the company’s share of the global cellphone market remained unchanged at 38 percent.…
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Nokia will prioritize restoring the top line and market share development at Nokia Siemens Networks, CEO Olli-Pekka Kallasvuo said on a conference call Thursday. He blamed the ongoing problems with Nokia Siemens on “challenging competitive factors and market conditions.” But the company will stick with the venture. “We continue to support Nokia Siemens Networks’ actions to improve its performance,” Kallasvuo said. He raised his expectation for overall handset shipments, saying they will fall 7 percent year-over- year in 2009. The previous forecast was for a 10 percent drop. Nokia’s adjusted operating margin for devices will increase sequentially by at least one percentage point in Q4, the company said. It sold 16.4 million smart phones vs. last quarter’s 16.9 million. Gross margin in the company’s core devices and services unit fell to 30.9 percent from 34 percent in Q2 due to unfavorable currency exchanges rates, Chief Financial Officer Rick Simonson said.