Nokia shares fall as Q3 earnings miss estimates
Shares in Finnish telecoms company Nokia fell on Thursday after it missed estimates for third-quarter profits due to delayed licensing deals.
The telecoms giant posted a 22% profit increase to €428m, well short of the €514m-539m forecast by analysts. Reported operating profit rose 3.9% from a year earlier to €658m, missed analysts' average €702.6m forecast.
Nokia CEO Pekka Lundmark said the quarter demonstrated he was "delivering on our ambition to accelerate growth," but also stressed the uncertainty in markets.
"As we start to look beyond 2022, we recognise the increasing macro and geopolitical uncertainty within which we operate," Lundmark said.
Third-quarter sales rose 6% in constant currency to €6.24bn, compared to a €6.03bn analyst consensus.
Reporting by Frank Prenesti for Sharecast.com