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Nokia's quarterly profits rise

Nokia reports a 20 percent rise in third-quarter net profits, largely due to operating profit improvements in its mobile phone and telecommunications divisions.

Nokia (NOK.A), a multimedia and telecommunications equipment maker, today reported a 20 percent rise in net profits for the third quarter largely due to operating profit improvements in its mobile phone and telecommunications divisions.

The company reported net profits of $171.5 million for the quarter ending September 30, compared with $143 million a year ago. It also posted revenues of nearly $2.2 billion for the quarter, up 39 percent from a year ago.

"We are pleased with the results generated by Nokia Telecommunications in a very competitive marketplace. Although sales of the business group grew at a somewhat slower rate than expected, profits exceeded our expectations," said Jorma Ollila, Nokia chief executive and president.

The telecommunications division posted a 26 percent increase in sales, while the mobile phone business group received a 58 percent sales jump from strong demand in Europe and Asia.

Nokia noted that its mobile phone business is shifting increasingly toward digital technology and that it recently introduced new digital terminals.

The company in August shipped a new generation of smart cell phones, which allows users to browse the Internet and send email and faxes. Nokia's 9000 communicator has a specially designed 24-MHz 386 chip from Intel and 8MB of memory.