Nokia sales fall on India slowdown
The Peninsula
Helsinki: Finnish telecoms equipment maker Nokia on Thursday reported a 32 percent rise in net profit for the third quarter but sales dropped due to a...
Helsinki: Finnish telecoms equipment maker Nokia on Thursday reported a 32-percent rise in net profit for the third quarter but sales dropped due to a slowdown in India.
Nokia announced sales of 4.3 billion euros ($4.7 billion), down eight percent compared to a year ago and lower than forecast by analysts surveyed by Bloomberg.
The company said sales growth "was offset by decline in Mobile Networks primarily in India" as well as a divestment in cloud and network services.
Profits were up 32 percent to 175 million euros, "driven by a combination of improved product mix, regional mix and actions to reduce product cost", Nokia chief executive Pekka Lundmark said in a statement.
Lundmark said Nokia was "now turning the corner in many parts of our business, even if some continue to experience market weakness."
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