Nokia today reported strong third-quarter sales, with handset sales growing
23 percent. Based on its strong third-quarter numbers, the company now
estimates that global mobile phone sales will reach 460 million units this
year, up more than 10 percent from the 405 million units sold in 2002.
Nokia's strong third quarter is in line with similar results from Motorola,
Sony Ericsson, and other wireless companies reporting stronger than expected
results. Despite the strong numbers the company warned that a strong dollar
and increased price competition for handsets will continue to push the
company's profit margins down. Third-quarter handset margins were 22.4
percent, down from 24.7 percent last year. News of Nokia's decreased margins
did not go over well with Wall Street, with the company's shares down 3.5
percent in trading earlier today.

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