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Nokia suffers poor Q1 profitability

Xinhua, April 30, 2015 Adjust font size:

Nokia has suffered poor profitability in the first quarter 2015, with a drop of 13 percent compared with last year, the company said on Thursday.

The company's net sale was 3.2 billion euros (3.59 billion U.S. dollars), increased by 20 percent on year-on-year basis, whereas the operating profit (non-IFRS) was 265 million euros, 13 percent less than the same period of last year, according to the interim report.

Nokia Networks' performance was to blame, with its operating profit decreasing dramatically by 61 percent from 216 million euros in the first quarter of 2014 to 85 million euros in the first quarter of 2015.

The other sections, HERE and Nokia Technologies, performed quite well in operating profit, with 90 percent and 124 percent of growth respectively.

As a result, Nokia's share price dropped as much as 12 percent in the Helsinki Stock Market on Thursday morning.

Nordea Bank's morning report said that the earning disappointment pushed Nokia's stock to a disastrous performance. (1 euro = 1.12 U.S. dollars) Endit