A 69% drop in Q3 earnings to €133 million, far below expectations, reflects increased uncertainty.
Sales for the telecom equipment maker fell by 20% to €4.98 billion in the third quarter compared to 2022.
“In the third quarter we saw an increased impact on our business from the macroeconomic challenges,” CEO Pekka Lundmark said in a statement. The programme targets business areas Mobile Networks, Cloud and Network Services and corporate functions. “The earnings were much weaker than expected and the outlook is more uncertain. So it’s not looking that good in the short term for Nokia,” Atte Riikola, an analyst at equity analysis firm Inderes, told AFP.
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