Nokia sees improved Q3 profit but reports 8% sales dip mainly due to weaker India market [Financial Post (Toronto, Ontario, Canada)]
Nokia Corporation Sponsored American Depositary Shares (NOK)
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Source: Financial Post
HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia on Thursday reported better-than-expected third quarter earnings, mainly on the back of cost-cutting measures, but saw its sales dive 8% largely due to a weaker India market. The Espoo, Finland-based company reported a net profit of 358 million euros ($389 million) for the July-September period, up 22% from 293 million euros ($318 million) a year earlier. Net income attributable to shareholders was 352 million euros ($382 million), up from 299 million euros a year earlier. Similar to its Nordic rival Ericsson of Sweden, Nokia has suffered this year and last year from operators cutting back on investments in 5G and other telecom technology because of economic uncertainty and high financing costs. Commenting on Nokia's performance in the third quarter, CEO Pekka Lundmark said “I am optimistic we are now turning the corner in many parts of our business, even if some continue to experience market weakness.” Noki
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