But reveals more job losses to come.
Nokia has announced its financial results for the third quarter of 2010, revealing net sales of €10.27 billion (up 5% year-on-year) and a net profit of €322 million.
The net sales of its Devices & Services division were up 4% year-on-year to €7.17 billion, while its revenues from Services specifically totalled €159 million - up 7%.
Nokia sold 110.4 million handsets in Q3 (up 2% year-on-year), with 26.5 million of those being smartphones - up 61%.
As a point of comparison, Apple sold 14.1 million iPhones during the quarter, although direct comparisons are risky, since the average selling price of a Nokia smartphone is €136 - considerably less than an iPhone.
Nokia estimates that it took a 30% share of the global handset market in Q3, down from 34% in Q3 2009. For smartphones, the company estimates it bagged a 38% share this quarter, versus 37% in Q3 2009.
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In its financial filing, Nokia reiterated that Ovi Store is now doing 2.7 million downloads a day - up from 1.7 million in July.
"In the five weeks since joining Nokia, I have found a company with many great strengths and a history of achievement that are second to none in the industry," said new CEO Stephen Elop in a statement.
"And yet our company faces a remarkably disruptive time in the industry, with recent results demonstrating that we must reassess our role in and our approach to this industry."
However, Elop maintained that Nokia is anything but a dinosaur when it comes to making this transition.
"Some of our most recent product launches illustrate that we have the talent, the capacity to innovate, and the resources necessary to lead through this period of disruption."
Nokia faces well-documented challenges across all areas of its business, but its Q3 results clearly show that for all the buzz around iPhone versus Android in the US, from a global perspective, Nokia is still very much in the game.
That said, there is pain ahead for 1,800 of the company's staff, who will be let go as the company restructures its business.
In a separate announcement, Nokia said it will streamline several aspects of its business, with Services one of the key areas affected.
"Instead of distinct end-to-end service lines, the Services organization will be focused on delivering an integrated Ovi experience across our full range of devices," explains the statement.
"In addition to simplifying its ways of working, the aim is to provide more compelling Ovi services to consumers."
