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Nokia results show falling turnover

Nokia’s first-quarter results showed turnover was down 9 percent compared with the first quarter of 2015. The firm still reckons profits for the whole year will increase seven percent.

Nokian yt-neuvottelut päättyvät toukokuun lopulla.

Nokia’s first quarter results showed a turnover was down 9 percent compared with the 6.1 billion euros the firm brought in during the first three months of 2015. Profits, however, are up thanks to reduced spending on research and development.

The company’s profit came to 345 million euros between January and March, compared to 276 million euros in 2015.

Nokia CEO Rajeev Suri claimed in a statement that the first results since the acquisition of French firm Alcatel-Lucent show a firm adjusting to a new organisation.

"While integrations of the scale of Alcatel-Lucent are complex and take time, we are now sufficiently confident in our progress that we are targeting synergies that are both more than and faster than our original plan," said Suri.

Internet of Things

The firm has raised its target for cost-cutting from 900 million euros to ‘above 900 million euros’ by 2018, and Suri said that thirty sites are set to close during this quarter.

The CEO said that the acquisition of Withings, a wellness technology firm, would strengthen the company’s position.

"We have said consistently that digital health is an area of strategic interest to us, and with this acquisition we have an excellent opportunity to expand in what is one of the largest markets in the Internet of Things and build future licensing opportunities," said Suri.

The Withings acquisition is set to bring in 200 workers at a cost of some 170 million euros, and is expected to complete in the third quarter of this year.

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