Nokia Q3 profits down 28%

Nokia's third quarter net profit dropped 28% to $1.46 billion, with an overall 5% decrease in sales.

The company reported revenue of $16.5 billion, down 5% from last year and well below analyst expectations.

While mobile device sales in the Asian market grew nearly 14% to reach 33.6 billion, sales in the European and North American market both declined. North American sales were hardest hit, falling 16.7% to 4.5 million.

As a result, the company's market share has dropped two points to 38%.

The company does expect sales and revenue to increase in the fourth quarter.

Nokia's share price fell nearly 2.5% following the release of the results. 

Subsidiary Nokia Siemens Networks (NSN) also saw a decrease in earnings, with revenue dropping 5% to $4.76 billion.

The company has blamed this result on the dollar-euro exchange rate differences, although sales in some key markets were down. For instance, Chinese sales fell 22% to reach $389 million.

NSN today announced it had opened a manufacturing facility in India, and plans to invest around $70 million in the facility.

The Oragadam facility will manufacture base station controllers and other telecom equipment.

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