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Nokia's Q3 Net Loss Increases 14-fold To $1.27 Bn

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Nokia Corp. has reported a third-quarter net loss of (euro) 969 million ($1.27 billion) as revenue plunged 19 per cent and sales of its flagship Windows Phone fell under 3 million units.
The struggling company said that revenue dropped to (euro) 7.2 billion ($9.45 billion) and gave a grim outlook for the rest of the year.
A year ago Nokia reported a third-quarter net loss of (euro) 68 million on revenues of (euro) 8.9 billion.
The company's third-quarter underlying loss before one-off items was 0.07 euros per share compared to a profit of 0.03 euros a year earlier. Analysts had forecast a loss of 0.11 euros in a Reuters poll.
Nokia's net cash position fell to 3.6 billion euros ($4.7 billion) by the end of the quarter from 4.2 billion in June but still came in ahead of market forecasts of 3.4 billion euros.
Once the world's biggest mobile phone maker, Nokia has fallen behind rivals in smartphones, and its partnership with software giant Microsoft has yet to challenge the dominance of Apple's iPhones or Samsung's Galaxy models.
The Finnish group is now pinning its hopes on new, top-of-the-range Lumia 820 and 920 phones, which use Microsoft's latest Windows 8 software and are due to hit stores in November.