Nokia Improves Profitability, Remains Solid Cash Position

Nokia's both net sales and operating profit improved significantly in the third quarter of this year, the Finnish mobile technology company announced Thursday.
According to an interim report released by Nokia, in the third quarter, its net sales grew to 3.32 billion euros (4.18 billion U.S. dollars), increasing by 13 percent on year-on-year basis. The operating profit was 457 million euros (576 million dollars), up 32 percent from the same period of last year.
As a mainstay of Nokia after the sale of its mobile phone business to Microsoft, NSN (Nokia Solutions and Networks)'s operating profit jumped dramatically by 83 percent from 217 million euros (273 million dollars) in the third quarter of 2013 to 397 million euros (500 million dollars) in the third quarter of 2014.
In addition, Nokia's other sections HERE and Advanced Technologies also got improved in net sales in the quarter.
At same time, Nokia remained a strong balance sheet and solid cash position with gross cash of 7.6 billion euros (9.6 billion dollars)and net cash of 5 billion euros (6.3 billion dollars).
"Nokia's third quarter results demonstrate our strong position in a world where technology is undergoing significant change," Nokia's president and CEO Rajeev Suri said.
The market reacted positively to Nokia's results. Nokia's share price surged nearly 7 percent in Helsinki Stock Exchange Market after the company's report published.
Nokia, a global leader in communication technologies, used to be a dominator in the international mobile phone market. After the sale of its phone business to Microsoft, Nokia's operation divisions mainly include NSN, HERE and Advanced Technologies. (Cihan/Xinhua)