Nokia Records $834 Million Q3 Loss, Market Share Slips By 6%

Nokia has seen happier times, the world’s largest cell phone manufacturer posted a loss today of approx. $834 million (559 million euro) for the companies Q3 earnings report.

It’s the first time the electronics firm has lost money in more than a decade and comes at a time when sales have dropped by 20% alongside 1.17 billion euros in company write-downs. Investors can thank that write-down to impairment charges incurred by the Nokia Siemens Network.

Nokia’s market share was also severely damaged by Apple, Research In Motion and Palm Devices which took the company from a 41% market share to a 35% level.

With Nokia announcing their new Nokia Booklet 3G netbook it should be interesting to see how sales rebound or expenses increase in the coming quarters. In either respect the company that started as a paper, rubber and cables company has always showed the ability to evolve to changing times, now we just have to wait and see if that evolution occurs once again for the electronics firm.[Engadget]

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