Elop wields axe at troubled Nokia

Nokia's new CEO Stephen Elop has announced plans to cut 1,800 jobs, approximately 3% of its total staff, in an attempt to streamline the troubled vendor's smartphone operation.

Nokia's new CEO Stephen Elop has announced plans to cut 1,800 jobs, approximately 3% of its total staff, in an attempt to streamline the troubled vendor's smartphone operation.

Elop, who joined Nokia from Microsoft last month, has been tasked with turning around Nokia's fortunes after the market leader took a battering in the competitive smartphone market.

Presiding over his first set of quarterly results today, Elop accepted Nokia needed to "reassess our role in and approach to this industry."

"We will make both the strategic and operational improvements necessary to ensure that we continue to delight our customers and deliver superior financial results to our shareholders," he said.

Nokia shipped 26.1m smartphones during Q3, up 61% year-on-year, suggesting that its recently launched handsets may yet turn the tide in its favour.

Across the group, reported operating profit climbed to €403m, up from a loss of €426m this time last year, while net sales for the three months to the end of September climbed 5% year-on-year to €10.2bn (£6.46bn).

Much of the improvement was down to the Devices and Services unit, where sales climbed 4% to €7.1bn and operating profit 3% to €807m.

The NAVTEQ GPS and mapping unit saw sales climb 52% to €252m, but made an operating loss of €48m, and Nokia's networking JV, Nokia Siemens Networks, put in another poor performance, with operating losses of €282m on sales of €2.9bn.

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