Nokia Q3: Earnings Miss, CEO Cites Telecom Weakness And Anticipates India Demand Rebound

Nokia Corp (NYSE: NOK) reported a fiscal third-quarter net sales decline of 8% year-on-year (7% in constant currency) to 4.33 billion euros ($4.76 billion), missing the analyst consensus estimate of $5.34 billion.

The comparable EPS was $0.07 (0.06 euros), compared to the analyst consensus estimate of $0.08. The stock slid after the quarterly print.

Also Read: Ericsson Q3 Earnings: Gains From AT&T Boost, CEO Signals North American Recovery

The topline decline reflects weakness in the Indian market.

The reported net income is 175 million euros, up from 133 million euros a year ago. Comparable net profit was 358 million euros, up from 293 million euros a year earlier.

Network Infrastructure sales increased by 1% year over year in CC. Cloud and Network Services sales decreased by 4% year over year in CC due to the divestment of the Device Management and Service Management Platform businesses.

Nokia Tech sales climbed by 35% year over year in CC, driven mainly by signing patent license agreements with Oppo and Vivo.

Mobile Network sales declined by ...