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Oct. 20, 2008

Nokia announced earlier this morning that its profit for the third quarter was $2.7 billion, down a full 30 percent from 2007.

Overall sales were $16.5 billion, down 5 percent from the corresponding 2007 period.

The company still dominates the global mobile phone market with a 38 percent share. This is down slightly, but more than double the market share of second-place Samsung.

A major factor in the quarter was decreased sales in Africa, China, Europe, the Middle East and North America.

Nokia also said it reached a 15-year agreement with chip maker Qualcomm, in which Nokia will pay nearly $2.3 billion for patent rights.

Cash and assets amount to nearly $9.7 billion, officials said. Fourth-quarter results will be announced Jan. 22 of next year.

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    This article was featured on Business 5.0 and on Tech Blog.

Source: Nokia.