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Nokia misses Q2 expectations, lowers full-year guidance

Published 07/14/2023, 01:52 AM
Updated 07/14/2023, 12:06 PM
© Reuters. FILE PHOTO: New Nokia's logo is displayed before GSMA's 2023 ahead of the Mobile World Congress (MWC) in Barcelona, Spain February 26, 2023. REUTERS/ Albert Gea

STOCKHOLM (Reuters) - Finnish telecom gear group Nokia (NYSE:NOK) reported on Friday second-quarter sales of 5.7 billion euros ($6.4 billion), a comparable operating profit margin of 11%, and lowered its full-year outlook.

Analysts polled by Refinitiv had estimated sales of 6.0 billion on average.

Nokia said it now saw 2023 sales of 23.2-24.6 billion euros ($26.1-$27.6 billion) against 24.6-26.2 billion previously. It narrowed its comparable operating margin range outlook to 11.5-13% from 11.5-14% previously.

"The changes are related to Nokia's Network Infrastructure and Mobile Networks business groups," it said.

Nokia is scheduled to publish its full second-quarter earnings report on July 20.

Shares in Nokia closed down 9.4% on Friday.

($1 = 0.8906 euros)

Latest comments

Nokia lurching once more from disaster to calamity. Wonder that Lundmark hasn't run out of excuses for his pitiful management of the company.
lundmark stepped down but misery remains strong, like written hard in DNA of nokia or something...
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