Nokia narrowed its loss in Q3 to around $94 million...
Nokia narrowed its loss in Q3 to around $94 million from $506 million in the same period last year. It shipped 89.8 million handsets, up 8 percent from the year-ago quarter. Nokia shipped 16.8 million smartphones in the quarter, down…
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38 percent from 27.1 million in the year-ago period. Smartphone sales also dropped 39 percent year-over-year. CEO Stephen Elop said the company started to see signs of early progress in Q3. While the company worked through a difficult transition period, Nokia will continue to make steady improvement, he said. The company will continue to cut costs, he said. Savings are expected to come from a variety of different sources and initiatives, including reductions in workforce, facility costs and improvement in efficiencies. Cost reduction activities include an outsource agreement with Accenture. Some 2300 Nokia employees were transferred to Accenture as part of the deal, Nokia said.