Nokia Q3 profit slides nearly 30%

Helsinki-based Nokia reported that its third quarter net profit dropped 28 percent to $1.46 billion, down from $2.09 billion in the year- ago period.

The world's largest handset maker also saw its sales drop 5 percent to $16.39 billion (12.237 billion euros) and said that it had shipped 117.8 million phones in the third quarter, up 5 percent year-on-year, but down 3 percent from the second quarter. 

The company also saw its market share drop to 38 percent, down from 39 percent from the year-ago period and 40 percent from the second quarter. 

"Multiple factors contributed to the sequential decline in our mobile device market share... (including) our tactical decision not to meet certain aggressive pricing of some competitors," Nokia said Thursday.

In a separate development, Nokia said that it was making a one-time payment of $2.29 billion to Qualcomm as part of its patent agreement with the chip maker, and said the payment would be made in the fourth quarter.

For more:
- see this article
- see this Nokia press release

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Nokia's No. 1 market position threatened by price-cutting competitors
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