Handset-maker Nokia Corp. posted  Thursday a EUR529 million third-quarter profit ending Sept. 30, a figure higher than the expected  EUR 229 million, even though they have yet released the smartphone and software they envisage to dramatically increase their profit. They beat expectations, which helped the entire European market rise, and their futures are hopeful in the US. The earnings call was a shot in the arm for the company and its new CEO Stephen Elop.

“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.” He added that Nokia 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.”

Nokia has endured much criticism for its dropping returns over the past few quarters and a loss of EUR559 million last year. Adding insult to injury was the departure of two Nokia executives, transferring to competitor HP earlier this year.

Though the company’s earnings are now soaring high, they announced to cut back some 1800 employees, in addition to those who they already let go, aiming to streamline production of Symbian smartphones for a quicker turnaround of new products in the market. During the earnings call, Elop spoke of the company’s dedication to the Meego platform as well. This is, perhaps, part of the company’s “strategic and operational improvements necessary to ensure we continue to delight our customers and deliver superior financial results to our shareholders.” At the moment, Nokia has 132,000 employees.

Late last month, the company began shipping the N8 smartphone, as products of their focus on the Symbian platform.