Overall revenue fell 20 percent year on year to €9.8 billion ($14.6 billion)— a one-percent drop on a lacklustre Q2—and a loss of €913 million ($1.36 billion), compared to a €1.46 billion profit in Q308. From January to September of this year, the company made €28.99 billion in revenue, a 24 percent drop year on year, while it racked up a loss of €622 million ($928 million).

These figures aren’t helped by a €908 million one-off impairment charge on Nokia Siemens Networks, leading to an overall loss for the division of €1.1 billion, which is blamed on “challenging competitive factors… in the infrastructure and related services business”. Nokia admits that “the recoverability of the investment in Nokia Siemens Networks has declined” as a result of its losses.

Nokia blames the slow global economy, but CEO Olli-Pekka Kallasuvo also explains: “The demand for mobile devices improved in many markets during Q3… Our volumes and net sales were, however, somewhat constrained by component shortages we encountered across the portfolio.”

While the company has set ambitious growth goals moving forward, for 2009, it expects to sell 1.12 billion phones, which would be a seven percent drop on 2008 and three percent better then its previous full-year sales estimate.