Nokia quarterly operating profit lags expectation
2022.10.20 01:28
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© Reuters. FILE PHOTO: The logo and ticker for Nokia are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid/File Photo
STOCKHOLM (Reuters) – Nokia (NYSE:) on Thursday reported quarterly operating profit below market expectations even as the Finnish telecom equipment maker continues to benefit from strong demand from phone companies as they roll out 5G.
Third-quarter comparable operating profit rose to 658 million euros ($643.3 million) from 633 million last year, lagging the 690.6 million euro mean forecast of 10 analysts polled by Refinitiv.
Net sales grew 6% in constant currency in the quarter compared to the same period a year ago to 6.24 billion euros, beating estimates of 6.06 billion.
Apart from growing demand from telecom clients in the U.S. and Europe, Nokia and rival Ericsson (BS:) also got big contracts from Indian telecom operators for the launch of 5G in that country.
($1 = 1.0229 euros)
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