Here is whats the CFO said:
"At the Group level, we ended third quarter with gross cash of EUR 8.8 billion and net cash of EUR 3.6 billion (US $4.7034 B)"
The net cash is better than consensus which was 3,36 billion euros (average of 35 analysts at Reuters).
\ you should see an increase in book value from Q2.
I just got the updated number from Scottrade and the TBV dropped from 1.03 to 0.75 per share. At the current burn rate, NOK has two quarters of cash left and three quarters until their TBV goes negative. Not to state the obvious but either the windows 8 phones save them or they go BK by June, if not sooner. By the end of March the stock will either have skyrocketed or plummeted to below $1. We bought straddles going into earnings.
The current Book Value is 3.25 +/_
They have plenty of cash and credit line to carry them through the transition. Their burn rate is about 250 million per quarter and Microsoft gives them $ 250 million per quarter for Windows phone development. Therefore they will not go bankrupt next quarter as some of the short sellers predicting (they are not really predicting - they are just inducing panic). Lumia 920 pre-orders in Europe is just the tip of the iceberg.