Nokia loss smaller than estimated

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Nokia Oyj reported a smaller-than-estimated loss and forecast the handset business to be profitable this quarter, as the Finnish manufacturer prepares to introduce models based on Microsoft Corp’s software.

The third-quarter net loss stood at euro 68 million ($94 million), beating the euro 229-million average loss estimate by 22 analysts compiled by Bloomberg. Sales declined 13 per cent to euro 8.98 billion, as handset shipments dropped three per cent to 106.6 million units, Finland-based Nokia said in a statement today. Analyst had predicted sales of 93.6 million phones.

Chief executive Stephen Elop is set to introduce a smartphone line based on Microsoft’s Windows Phone software at the Nokia World event in London next week. In moving to the new platform, the company accelerated the decline of the 10-year old Symbian device family.