Nokia profit below consensus, outlook soothes market (Reuters)
18 minutes ago
HELSINKI (Reuters) - The world's top cellphone maker Nokia (NOK1V.HE) reported weaker-than-expected third-quarter sales and profits, but its positive view on the cellphone market reassured jittery investors.
The Finnish group reported third-quarter earnings per share of 0.29 euros, down from 0.40 euros a year ago, missing the average forecast of 0.31 euros in a Reuters poll of 37 analysts.
Handset makers have already started to feel the pinch from slowing economies, with sales falling in Western Europe, but booming demand from emerging markets has so far balanced that out.
Nokia said it expected industry mobile volumes to rise around 10.5 percent to 1.26 billion phones in 2008.
After a brief dip, its shares rose on the news to 12 euros, up 1.8 percent, outperforming a flat DJ Stoxx European technology shares index (.SX8P).
"With our scale, brand, improving product portfolio and low cost structure, we believe Nokia is well positioned for the current times," Nokia Chief Executive Olli-Pekka Kallasvuo said in a statement. (Reporting by Tarmo Virki, editing by Will Waterman)