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Nokia results better than expected in third quarter

Finnish network equipment company Nokia released its third quarter profit report on Thursday. While results were down, they were better than analysts expected.

Nokian talous- ja rahoitusjohtaja Timo Ihamuotila.
Nokia announced that CFO Timo Ihamuotila is leaving the company for a post at Swiss firm ABB. Image: Petteri Paalasmaa / AOP

Before interest and taxes, Nokia's third quarter profits decreased by 18 percent compared to the previous year to some 556 million euros, which was clearly more than the 430 million euros which an analysts were anticipating, according to an analyst poll carried out by Reuters.

The company said sales had dropped by seven percent to 5.59 billion euros, compared to the same period a year ago.

The company also announced that its CFO Timo Ihamuotila is leaving Nokia for a post at the Swiss firm ABB.

During his tenure at Nokia, Ihamuotila helped to restructure the company during its transition from the mobile phone market into a network equipment company.

"Nokia has been an important part of my life," Ihamuotila said. "But after 15 years of service to the company it is time that I find new challenges at a new company in a new industry. Nokia will always have a place in my heart and I wish the staff all the best."

Nokia said that Ihamuotila's replacement will be Kristian Pullola, who currently works as the company's director of finances and will start the job at the beginning of 2017.

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