Nokia Posts Q3 Profit

Loading...
Loading...
Nokia
NOK
posted a profit in the third quarter. Nokia posted a quarterly net profit of EUR747 million ($950 million), versus a year-ago loss of EUR91 million. Its total underlying operating profit climbed to 457 million euros ($578 million), versus analysts' estimates of 359 million euros. Its revenue climbed to EUR3.32 billion, versus estimates of EUR3.02 billion. The company recorded a tax benefit of EUR2 billion in the quarter. It also recorded a charge to operating profit of EUR 1.2 billion for the impairment of HERE goodwill.. Nokia Networks' net sales surged 13% y/y from EUR 2.6 billion to EUR 2.9 billion. Nokia Technologies' net sales gained 9% from EUR 140 million to EUR 152 million. Adjusted operating margin at Nokia's network unit widened to 13.5% versus 8.4%, while revenue climbed 13%. For the full year, Nokia raised the core operating profit margin forecast of the network unit to slightly above 11%. Nokia ended the quarter with gross cash of EUR 7.6 billion and net cash of EUR 5.0 billion, versus EUR 9.0 billion and EUR 6.5 billion, respectively, at the end of second quarter. Rajeev Suri, Nokia President and CEO, said: “Nokia's third quarter results demonstrate our strong position in a world where technology is undergoing significant change. We saw growth in all three of our businesses; non-IFRS earnings per share was up 50%; and we moved forward with our capital structure optimization program, returning cash to shareholders.” Nokia shares fell 0.25% to $7.91 in after-hours trading.
Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsprofit
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...