STOCKHOLM, SWEDEN – Finn telecom giant Nokia reported lower-than-expected profits for the third quarter on Thursday, sending its shares diving as the company stressed rising uncertainty in global markets.
Finn company Nokia reported a 22-percent rise in profit to 428 million euros ($419 million) – well short of the 514-539 million euros forecast by analysts.
Nokia CEO Pekka Lundmark said the quarter demonstrated he was “delivering on our ambition to accelerate growth,” but also stressed the uncertainty in markets.
“As we start to look beyond 2022, we recognize the increasing macro and geopolitical uncertainty within which we operate,” Lundmark said.
Nokia reported a 16-percent rise in net sales to US$6 billion (6.2 billion euros).
Nokia’s net sales in Russia declined by approximately 70 million euros.
