Finnish mobile phone giant Nokia is planning to cut 1,800 jobs in an attempt to restructure the company's ailing smartphone business line.
According to the company, it made a net profit of €529 million compared to the €559 million it had posted as net loss in the previous year.
Nokia's net sales also grew by 5 per cent to €10.2 billion in the third quarter with the company selling a total of 110.4 million devices. However, Nokia has warned that it might incur sales worth only €8.2 billion and €8.7 billion in the fourth quarter.
Stephen Elop, the newly appointed CEO of Nokia, said in a statement: “We will make both the strategic and operational improvements necessary to ensure that we continue to delight our customers and deliver superior financial results to our shareholders.”
The company is planning to focus on developing its smartphone line in order to regain the market share lost to RIM, Apple and Google's Android.