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Nokia registers quarter-on-quarter growth in net sales, operating profit

Xinhua, October 27, 2016 Adjust font size:

Nokia's net sales and operating profit in the third quarter declined from the same period a year ago, but improved largely on a quarter-on-quarter basis, the Finnish information technology company said in its interim report on Thursday.

Compared with the same period in 2015, Nokia's net sales (non-IFRS) in the third quarter this year decreased by 7 percent to reach 5.95 billion euros(6.50 billion U.S. dollars), and its operating profit (non-IFRS) was 556 million euros, falling by 18 percent.

On a quarter-on-quarter basis, the company's net sales increased by 5 percent, and its operating profit rose by 67 percent.

The earnings turned out to be better than the forecast of 430 million euros given earlier in a Reuters poll of analysts.

While the general income declined, it was offset by the performance of Nokia Technologies, which achieved a 109 percent increase in net sales and a 168 percent growth in operating profit compared with the third quarter last year.

The sharp year-on-year increase was largely boosted by revenues related to the Samsung licensing agreement, explained Rajeev Suri, CEO of Nokia. Suri believed Nokia remains well-positioned for the weak market environment.

Mikael Rautanen, analyst of Finnish equity analysis company Inderes, described Nokia's results as "a defensive victory", especially after its rival Ericsson's quarterly profit plunged by more than 90 percent.

Rautanen told Finnish investment magazine Arvopaperi on Thursday that Nokia seemed to have performed clearly better than Ericsson under difficult market conditions. Endit