Technology Nokia beats profit expectations in third quarter

Nokia beats profit expectations in third quarter

The Nokia headquarters is seen in Espoo, Finland.
The Nokia headquarters is seen in Espoo, Finland.

Finnish telecom network equipment maker Nokia <NOKIA.HE> said on Thursday its quarterly profit fell less than expected as it was boosted by a non-recurring licensing payment from Samsung [005930.KS].

Third-quarter earnings before interest and taxes (EBIT) decreased 18 percent from a year ago to 556 million euros ($606 million), clearly surpassing the average analyst forecast of 430 million given in a Reuters poll of analysts.

Group sales dropped 7 percent from a year ago to 5.95 billion euros, including network equipment sales falling to 5.32 billion, which compared with a market consensus of 5.39 billion.

Nokia also said its chief financial officer Timo Ihamuotila, who had helped the company to restructure from a troubled phone maker into a network equipment company, would resign to join Switzerland’s ABB.

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