Finland’s Nokia managed much better than expected results with a return to net profit of almost 529 million euros in the third quarter.
At the same time the world biggest mobile phone maker announced a major reorganisation that will include laying off one thousand eight hundred workers and streamlining its smartphone operations in an attempt to catch up with its competitors.
New CEO Stephen Elop – who joined from Microsoft – said: “The company faces a remarkably disruptive time in the industry, with recent results demonstrating that we must reassess our role in and our approach to this industry.”
Nokia stopped the profit slide this year through vigorous cost cuts.
Now it plans to get rid of close to three percent of staff at its main business in a move that would hit most product creation at Symbian Smartphones and its Services organisation.
Nokia’s share rose just over six percent.