Mubasher: Nokia on Thursday reported a 7% year-on-year drop in sales for the third quarter of 2017, due to the slowdown in the mobile networks market.
The Finland-based company achieved sales of EUR 5.53 billion in Q3-17, versus EUR 5.95 billion in the prior-year period.
Earnings before interest and taxes (EBIT) grew 20% to EUR 668 million in Q3-17 from EUR 556 million in Q3-16.
Analysts were expecting EBIT to reach EUR 541 million in the three-month period.
Nokia said it forecasted the mobile networks market to be more challenging in 2017, with estimates of 4% to 5% and 2% to 5% decline for 2017 and 2018, respectively.
By 11:10 am GMT, Nokia’s stock fell 15.45% to EUR 4.32.
