Nokia reveals gloomy third quarter financial results

Nokia has revealed its third quarter financial results, revealing a drop in profits, in market share and in revenue. The Finnish company has seen a 30% drop in third-quarter profit - news that's sent its share price trading down.

Net sales were down 5% year on year, devices and services net sales were down 7% year on year while market share dropped to 38%, down from 39% in Q3 2007 and 40% from Q2 2008.

The average selling price of a Nokia mobile device also dropped to 72 euros, from 74 euros in Q2 2008 and 82 euros in Q3 2007, although this is likely due to increased sales in emerging markets.

Despite the gloom, Nokia expects to see an uplift in sale for the Christmas quarter.

Olli-Pekka Kallasvuo, Nokia's CEO said: "As a result of our strong operational management and market position, Nokia was able to achieve solid margins and operating cash flow of 1.3 billion euros for the third quarter of 2008".

"With our scale, brand, improving product portfolio and low cost structure, we believe Nokia is well positioned for the current times."