Boston, MA 10/31/2013 (wallstreetpr) – Nokia Corporation (ADR) (NYSE:NOK) is beaming after it posted better earnings for the third quarter that surpassed analysts’ expectations at Wall Street. This resulted in its shares rising by more than 10% immediately after the results were posted, the firms earnings were better than expected highly driven by the sales of its new Lumia smartphone. The sales left Nokia with a better cash flow for the third quarter ending September the Company reported earnings of 0.01 per share excluding non-recurring items. The only drawback from the result was a decline in revenue by 21.8% to clock at 5.66 billion.
Nokia did not enjoy good sales as expected in NSN or HERE although devices and services did exemplary well in terms of sales. HERE’s a map business net sale slowed down to a decline of 9% in the quarter to slump to €0.2 billion. The slow run in this case was due to lower seasonal sales to vehicle consumers. NSN sales also slumped by 7% to clock at €2.6 billion. Nokia Devices and Sales surged by 6% to clock a high of €2.9 billion. Lumia devices which make up one of the biggest brands out of Nokia posted increased volume sales of 19% which represents a sale of 8.8 million units.
Nokia closed the third quarter on a high with a strong balance sheet reflected with a net cash balance of €2.4 billion and gross cash of €9.1 billion. These amounts exclude the cost that Nokia incurred to acquire Siemens stake in NSN for €1.7 billion. NSN on its own contributed a staggering net cash of €1.5 billion and gross cash of €1.5 billion. Nokia phone volume sales increased by 4% to clock a high of 55.8 million units
