Nokia (NOK) Misses On Q3 Earnings, Cuts 2019 & 2020 Outlook
Zacks Investment Research | Oct 23, 2019 09:24PM ET
Nokia (HE:NOKIA) Corporation (NYSE:NOK) reported mixed third-quarter 2019 financial results, wherein the top line beat the Zacks Consensus Estimate but the bottom line missed the same.
The company’s gross margin was impacted by product mix, a high cost level associated with its first generation 5G products, profitability challenges in China, pricing pressure in early 5G deals, and uncertainty related to the announced operator merger in North America.
Net Income
Reported profit for the quarter was €82 million ($91.2 million) or €0.01 (1 cent) per share against loss of €79 million or loss of €0.02 per share in the year-ago quarter. The improvement was mainly driven by progress in Nokia’s cost savings program and a gain on benefit plan amendments.
Non-IFRS profit came in at €264 million ($293.5 million) or €0.05 (6 cents) per share compared with €309 million or €0.06 per share in the prior-year quarter. The bottom line marginally missed the Zacks Consensus Estimate by 1 cent.
Nokia Corporation Price, Consensus and EPS Surprise
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