Nokia shocks the Street in Q3 on solid feature phone sales

Nokia on Thursday posted better-than-expected results for the third quarter thanks to mobile device shipments that exceeded analysts’ expectations by a substantial margin. The Finnish phone vendor shipped 89.9 million feature phones, crushing expectations which were as low as 67 million units for the quarter, and revenue from its mobile devices group came in at�?5.39 billion compared to the Street’s consensus of�?5.06 billion. Total revenue fell 13% from the third quarter last year to�?8.98 billion, also beating the Street’s�?8.66 billion consensus, and EPS excluding some costs was ?0.03 for the quarter. Wall Street was expecting earnings of ?0.02 per share. Total mobile device shipments grew 20% sequentially to�106.6 million units, but average selling prices were down 18% quarter-over-quarter and 22%

Source: http://www.bgr.com/2011/10/20/nokia-shocks-the-street-in-q3-on-solid-feature-phone-sales/

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