Nokia reported another quarterly loss and dwindling cash reserves on Thursday, raising the stakes for next month's launch of new Lumia smartphones it hopes can dent the dominance of market leaders Apple and Samsung.
The following are analysts' reactions:
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CAROLINA MILANESI, GARTNER
"Mobile phones were good, but this was the only place to look for a good news. Nothing good could have come from smart devices as there were no new products."
"The fourth quarter will be tough for everybody in mature markets as you will not see the typical hype around smartphones. The hype this year will be about tablets."
PETE CUNNINGHAM, CANALYS
"We expected that Nokia's third quarter was going to be tough for its smartphone business due to the announcement of Windows Phone 8, however this is worse than expected."
"The fourth quarter will be a tough one as it will take a couple of quarters to ramp up Windows Phone 8 volumes due to the competitive landscape."
GREGER JOHANSSON, REDEYE
"Looking at the Q3 figures, Mobile Phones was as expected while Networks actually came in quite a bit better, both in terms of margin and sales, so that is positive."
"On the other hand, I saw that the guiding for the fourth quarter was pretty broad in terms of results, which could be interpreted quite negatively."
"Overall, in light of the fact that the stock has fallen so extremely much, and with all the known problems, nobody was expecting any great things. So, against that backdrop, the report was alright, and they still have quite a bit of cash left."
GEOFF BLABER, CCS INSIGHT
"Lofty market expectations for Q4 ignore the reality that new products will ship halfway through the quarter into an overwhelmingly competitive and congested market."
"Nokia has never been more reliant on its mobile phone business. Success with Windows Phone remains as dependent on the continued success of Series 40 as it is on Microsoft."
(Compiled by Helsinki and Stockholm newsrooms; Editing by Hans-Juergen Peters)