Nokia announced Q3 Results that surpassed most expected forecasts due to the performance of its LTE Network deployments and HERE mapping businesses.
Nokia may have sold off their devices business, but that doesn’t mean they’re going anywhere as a company. Don’t worry, Nokia is here, and here to stay – their 3rd quarter results say as much. The results were a special ‘thank you’ to its Networks and HERE mapping businesses which were made the focal point of the company after the aforementioned selloff.
Nokia’s 3rd quarter results show a 13% year-on-year growth and revenues of €2.9 billion, up from €2.6 billion in the 3rd quarter of 2013. “Nokia’s third-quarter results demonstrate our strong position in a world where technology is undergoing significant change,” said Nokia president and CEO Rajeev Suri. This is a change that isn’t just expected, but embraced by Nokia, too. Suri went on to point out that the “progress is widespread” and that the results and “performance at Nokia Networks was particularly satisfying.”
Nokia’s HERE mapping division also did very well on the 3rd quarter and were definitely something the company is going to keep tabs on moving forward – as they work to become a leader in the mapping realm. Their mapping service is already amongst the top 3 in the space, but this will provide a little more ‘pop’ for their engine moving forward.
Good results like this have been hard to come by for tech companies, especially those who are saddled with failing device businesses. It’s unclear right now if the company would have been in as good of shape as they are today, with their 3rd quarter results – but it shouldn’t be a surprise that they saw the type of success they did, with the changes they made.
The company as a whole is confident, that “with a new focus” HERE maps, and the rest of the Nokia business will do incredibly well moving forward. This focus on the services, and piece of technology that weren’t devices, in alliance with the fact that the company is continuing to invest in future technologies, definitely puts Nokia on the fast track to being a top player in the mobile computing tech world.
“This work, as well as our current licensing activities will take time to come to fruition, but I believe that we are moving rapidly in the right direction,” said Suri, concluding that this was truly the direction the company wanted to go.