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Nokia Q3 profit beats expectation, sees signs of recovery
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Nokia Q3 profit beats expectation, sees signs of recovery
Oct 17, 2024 2:09 PM

STOCKHOLM, Oct 17 (Reuters) - Finnish telecom equipment

supplier Nokia on Thursday reported a 9% rise in

third-quarter operating profit, and echoed rival Ericsson

in seeing demand recovery in some areas.

"I am optimistic we are now turning the corner in many parts

of our business, even if some continue to experience market

weakness," Chief Executive Officer Pekka Lundmark said in a

statement.

Nokia maintained its full-year outlook and said it

expects a significant acceleration in growth in the fourth

quarter in its network Infrastructure business.

Comparable earnings before interest and tax (EBIT) rose

to 454 million euros ($492.73 million) from 418 million euros

last year, beating the 424 million euros expected by analysts in

an LSEG poll.

Comparable gross margin rose to 45.7% from 40.8% aided by

cost cuts and as it sold more equipment to high-margin markets.

Net sales fell 8% to $4.33 billion euros, mainly due to

lower sales to India. Demand from Indian clients have dropped

significantly this year after a growth spurt last year.

($1 = 0.9214 euros)

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