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Nokia Q3 2011 financials beat expectations as Windows Phone 7 launch draws near

Nokia N9
Nokia N9

Nokia announced its Q3 2011 financial results earlier this week, with a third quarter loss of $94 million beating expectations and net sales dropping only one percent over last quarter. Those sales were buoyed by a 14 percent quarterly increase in non-smartphone sales; smartphones dropped seven percent over last quarter and a whopping 39 percent year-over-year. No surprise there — anyone looking to buy a Nokia smartphone is likely waiting for Windows Phone 7. Stock prices reacted accordingly to this good news, increasing nine percent when the NYSE opened on Thursday morning. This should certainly help Nokia as it enters its crucial Windows Phone 7 rollout, expected to start next week at Nokia World in London.

In a statement accompanying Nokia's financials, CEO Stephen Elop reiterates that Nokia will be "bringing the [Windows Phone] experience to consumers in select countries later this quarter" and that he is "encouraged by our progress around the first Nokia experience with Windows Phone." We'll see what that progress entails next week at Nokia World — we're hearing rumors of several different devices.