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28 Oct 2021

Nokia's Third Quarter Profit Gains more Than Expectation

Nokia's Third Quarter Profit Gains more Than Expectation

The Index Today

The Telecom equipment maker Nokia reported a stronger profit gains on it’s 3rd quarter on Thursday as development investments, strategy updates and cost cuts continued to drive a turnaround in the business.

Third-quarter net sales were seen rose by 2% to $6.27 billion from 5.3 billion a year ago, in line with analyst expectations.

Chief Executive Pekka Lundmark said in a statement, "The third quarter saw us achieve 2% constant currency net sales growth despite the impact of earlier communicated headwinds in North America for Mobile Networks and global supply chain constraints."

He also added that Nokia now is expecting a comparable operating profit margin to be towards the upper end of the target range of 10% to 12%.

Nokia had warned profits would not be announced in the second half of 2021 due to possible problems from the shortage of semiconductor, lost market share and having to lower prices in the highly competitive North American market. In July, Nokia won its first 5G radio contract in China, while Nordic rival Ericsson lost market share after Sweden last year decided to ban Chinese vendors from their 5G networks, according to the Reuters.