Nokia’s Q3 results prove it’s in dire need of help

Espoo, we have a problem. Today Nokia posted its Q3 2009 results and to say they’re disturbing would be a gross understatement. While net sales and operating profit didn’t fare well being down 1% and 4.4% from the previous quarter, the real startling figure is how Nokia is doing now compared to the same time [...]

Espoo, we have a problem. Today Nokia posted its Q3 2009 results and to say they’re disturbing would be a gross understatement. While net sales and operating profit didn’t fare well being down 1% and 4.4% from the previous quarter, the real startling figure is how Nokia is doing now compared to the same time last year. With a net loss of some 559€mm ($833.9mm USD) and sales tallying 9.8€bb ($14.62bb USD), YoY net sales were down 19.8% while operating profit plummeted a jaw dropping 57.8%. In terms of market share, Nokia neither lost nor gained ground having managed to hang on to its estimated 38% market share despite pushing approximately 108.5 million devices. Still, this does not change the fact that Nokia’s handset sales are down 8% as the world’s consumers focused their attention on devices made by other manufacturers. We’re not going to openly say that it’s about time Nokia seriously consider some fresh blood in the board room, but… Oh who are we kidding, that’s exactly what we’re saying. After all, if those at the top don’t voluntarily step aside, it’s likely that the shareholders are going to make them. And to be pretty damn honest, a couple of N900s really aren’t going to cut at this point in time.

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