Nokia shares drop 5% after reporting results

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Nokia Corp. on Thursday posted a forecast-beating third-quarter net profit as demand for mobile networks and network infrastructure remained strong and supply-chain constraints eased.

Nokia NOK, -1.94% NOKIA, -5.13% said it still expects to deliver net sales growth in mobile networks on a constant-currency basis in 2022 after strong sales growth in North America during the quarter, while sales in Europe, Latin America and Greater China also grew.

Comparable net profit for the quarter rose to 550 million euros ($537.6 million) from EUR454 million a year earlier as sales rose 16% to EUR6.24 billion, it said.

Analysts polled by FactSet had expected comparable net profit of EUR510 million on sales of EUR6.05 billion.

On a reported basis, Nokia posted a net profit of EUR427 million from EUR342 million a year earlier.

Nokia lifted full-year sales guidance to between EUR23.9 billion and EUR25.1 billion from EUR23.5 billion and EUR24.7 billion, adjusted for currency. It still sees the full-year comparable operating margin at 11%-13.5%.

“While risks around timing of outstanding deals in Nokia Technologies remain, assuming these close we continue tracking towards the high-end of our net sales guidance for 2022 and towards the mid-point of our operating margin guidance,” Chief Executive Pekka Lundmark said.

Write to Dominic Chopping at dominic.chopping@wsj.com

This article was originally published by Marketwatch.com. Read the original article here.

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