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Tech

Nokia telecoms division profits down by a third

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Update: 2013-10-29 09:12:08
Nokia telecoms division profits down by a third Photo Courtesy: money.cnn.com

DHAKA: Operating profit at Nokia’s telecoms solutions and networks, its main business once its phones division is sold, fell 33% in the third quarter to 218m euros.

The Finnish firm forecasts the business’s profit margin will rise sharply next quarter to 12% from 8.4%.

That lifted its shares by 6%, reports the BBC.

Sales of its Lumia smartphones rose 19% to almost nine million units. They will be sold with the rest of the phones division to Microsoft early next year.

The US tech giant is paying 5.4bn euros in the deal.

Sales of Nokia`s basic mobile phones rose 4% to 55.8 million units.

Core operating profit at Nokia’s telecoms solution and networks business was down from 324m euros in the same period last year.

Once the mobile business changes hands, Nokia will continue to license its patents and mapping services to Microsoft.

About 32,000 Nokia employees will transfer to Microsoft.

Nokia has fallen behind rivals Samsung and Apple, while critics say Microsoft has been slow into the mobile market.

BDST: 1847 HRS, OCT 29, 2013
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