Nokia misses Q2 expectations, lowers full-year guidance

FINNISH telecom gear group Nokia reported on Friday (Jul 14) second-quarter sales of 5.7 billion euros (S$8.5 billion), a comparable operating profit margin of 11 per cent, and lowered its full-year outlook.

Analysts polled by Refinitiv had estimated sales of six billion on average.

Nokia said it now saw 2023 sales of 23.2 billion to 24.6 billion euros (S$34.5 billion to S$36.5 billion) against 24.6 billion to 26.2 billion previously. It narrowed its comparable operating margin range outlook to 11.5-13 per cent from 11.5-14 per cent previously.

“The changes are related to Nokia’s Network Infrastructure and Mobile Networks business groups,” it said.

Nokia is scheduled to publish its full second-quarter earnings report on Jul 20.

Shares in Nokia closed down 9.4 per cent on Friday. REUTERS