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Nokia Q3 results beat market expectations - profits rise, sales dip

Network equipment manufacturer Nokia posted better-than-expected third quarter results Thursday to trump market forecasts. The world's third-largest network equipment maker reported a profit of 475 million euros - slightly higher than market forecasts of around 400 million.

Nokian pääkonttori Espoossa
Image: Vesa Moilanen / Lehtikuva

Nokia’s third-quarter profit of 475 million euros represented an increase over profits for the same period last year (457 million euros). However it came in spite of a decline in turnover compared to its 2014 third-quarter results.

This year sales came in at just over three billion euros, slightly falling short of last year’s 3.9 billion euros and market predictions of 3.38 billion.

Nokia Networks meanwhile posted third-quarter sales of 2.87 billion euros, down two percent from last year’s performance, but five percent higher than the previous quarter from April to June. Nokia Networks’ operating profit came in at 391 million euros.

The company’s turnover for the entire year to date now stands at 8.89 billion euros, some eight percent higher than last year’s sales of 8.25 billion.

CEO Suri: "Progress and performance"

Nokia chief executive Rajeev Suri summed up the third quarter in two words, "Progress and performance." In a statement issued Thursday Suri said that progress referred to the forward movement of its proposed takeover of French rival Alcatel-Lucent, while performance had to do with solid results cross all of the company’s businesses.

The company announced on October 21 that it had received a gree light from regulatory authorities to proceed with the deal.

Suri described Nokia Networks' performance as "the highlight of the quarter", which he said allowed the company to raise its full-year outlook for the business.

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