However, the firm conceded it will lose market share in 2010, updating its previous prediction of maintaining 2009 levels, and stating that component shortages would likely continue to impact its performance in 2011.
The vendor is almost solely reliant on its devices and services businesses at present, as location subsidiary NAVTEQ and equipment JV Nokia Siemens Networks continue to generate losses.
NAVTEQ cut its operating loss from €68 billion in 3Q09 to €48 billion this quarter, while NSN reduced a €1.1 billion loss to €282 million in 3Q10.
Nokia closed out the quarter with operating cash flow of €439 million.
Despite Elop’s caution, the results beat analyst’s forecasts of a €229 million profit, WSJ.com said, while investment banks are optimistic Nokia’s new range of handsets position it well for a recovery in 2011, FT.com said.
Nokia’s NYSE ADRs rose 4.16% following the earnings release, but fell 0.53% in after-hours trading.
MORE ARTICLES ON: Earnings, Layoffs, Navteq, Nokia, NSN, Smartphones