Nokia shares slide after it misses quarterly profit estimates


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Finnish telecoms giant Nokia on Thursday posted quarterly operating profit that fell short of market expectations.

The firm reported operating profit of 479 million euros ($524.94 million) in the first quarter, down from 583 million in the same period last year.

The number was also below a forecast of 532.4 million euros from analysts polled by Refinitiv.

Nokia said its comparable gross margin also fell 300 basis points to 37.7% from 40.7%.

This was “due to regional mix and a lower contribution from Nokia Technologies partly related to a license option exercised in Q4 2022,” Nokia said in a…

Source cnbc.com

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