Nokia Q3 Profit Declines, Raises Full Year Outlook For Networks Business

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The FINANCIAL — Nokia Corp. on October 29 said its third-quarter attributable profit plunged to 152 million euros from 747 million euros in the previous year, according to Nasdaq.

Earnings per share were 0.04 euro, compared to 0.19 euro last year. Earnings per share from continuing operations totaled 0.05 euro, in comparison with 0.57 euro last year.

Nokia said results of the previous year benefited from from the recognition of a deferred tax asset due to Nokia’s improved operating performance.

Non-IFRS earnings per share from continuing operations were 0.08 euro, compared to 0.09 euro last year.

Net sales were 3.036 billion euros, down 2 percent from 3.088 billion euros last year. Sales were down 10 percent year-on-year on a constant currency basis.

Further, Nokia raised its full year outlook for Networks based on strong third quarter.

Rajeev Suri, President and CEO, said, “The performance at Nokia Networks was the highlight of the quarter, and allowed us to raise our full-year outlook for that business. Even if I am not pleased with the overall sales development, our strong profitability is testament to the strength of our operating model.”

For the Networks business, Nokia expects non-IFRS operating margin around or slightly below the high end of the long-term range of 8 – 11 percent for the full year. This is a revision from the previous projection of around the midpoint of the long-term range of 8 – 11 percent for the full year.

The company expects year-over-year-growth in sales for the business.

 

 

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