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Nokia Q3 operating loss - over a billion euro write-down for map business

Nokia's third quarter 2014 results were in the red and the company Thursday reported a major reduction in the value of its map business.

Nokian pääkonttori Karamalmilla Espoossa 22. lokakuuta 2014.
Nokian pääkonttori Karamalmilla Espoossa 22. lokakuuta 2014. Image: Jussi Nukari / Lehtikuva

Nokia reported a 810 million operating loss for the period of July-September. The company's third-quarter results in 2013 were 262 million in profit.

A key factor in the bookkeeping loss was a 1.2 billion euro write-down for Nokia's map business.

In contrast, core operations generated slightly over a third more profits than during Q2, rising to 457 million euros. The Q3 volume of business, at 3.3 billion euros, was 13% up on the same period of 2013.

In April, Nokia closed a deal to sell its former phone business to Microsoft, leaving it with its network equipment unit, navigation technology business and a smartphone patent portfolio.

No more Nokia-brand phones?

Reuters reported earlier this week that Microsoft looks set to drop the Nokia name from its Lumia range of smartphones.

According to a post on Nokia France's Facebook page on Tuesday, the page will change its name to Microsoft Lumia "in the coming days."

According to Reuters, Microsoft declined comment.  Microsoft has said in the past it plans to license the Nokia brand for its lower-end mobile phones for 10 years and to use the name on its smartphones only for a "limited" time, without saying how long that might be.

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