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Finnish telecom giant Nokia on Thursday reported a sharp decline in profit for the third quarter, despite recording an increase in net sales.
The company announced on Thursday that its quarterly profit fell 54 percent to €80 million, down from €175 million in the same period last year. Earnings per share also dropped 67 percent, from €0.03 to €0.01.
On a comparable basis, profit stood at €324 million or €0.06 per share, compared with €358 million or €0.06 per share in the prior year.
Operating profit declined 14 percent to €239 million, while comparable operating profit decreased 10 percent to €435 million. The comparable operating margin narrowed to 9%, down 220 basis points from 11.2% a year earlier.
In contrast, net sales rose 12 percent to €4.83 billion, compared with €4.33 billion in the same quarter last year. On a constant currency and portfolio basis, comparable net sales increased by 9 percent.
Looking ahead, Nokia said it remains on course to meet its fiscal 2025 outlook. However, a revision in the presentation of venture fund investments will result in a technical increase of €0.1 billion to its comparable operating profit outlook, now set between €1.7 billion and €2.2 billion.
The company added that it is tracking toward the midpoint of this range.
