Nokia Oyj (NOK,NOKIA_SEK.ST,NOKIA.PA), a Cloud and Network Services provider, reported Thursday sharply lower profit in its third quarter, despite higher net sales.
Looking forward, Nokia said it is on track to achieve fiscal 2025 outlook. However, a change in presentation of venture fund investments would result in a technical increase of 0.1 billion euros to comparable operating profit outlook, which is now 1.7 billion euros to 2.2 billion euros. The company said it is tracking towards the midpoint of the range.
In the third quarter, profit fell 54 percent to 80 million euros from last year's 175 million euros. Earnings per share declined 67 percent to 0.01 euro from 0.03 euro last year.
Comparable profit for the period was 324 million euros or 0.06 euro per share, compared to 358 million euros or 0.06 euro per share a year ago.
Operating profit dropped 14 percent from last year to 239 million euros, and comparable operating profit fell 10 percent to 435 million euros. Comparable operatingt margin was 9%, down 220 basis points from last year's 11.2%.
Net sales, however, grew 12 percent to 4.83 billion euros from 4.33 billion euros last year. Comparable net sales grew 9% on a constant currency and portfolio basis.
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