Nokia's profits fall more than forecast

Helsinki

NOKIA'S second-quarter profit fell more sharply than expected, partly the result of telecom operators spending less on faster mobile networks, while the company raised a cost-cutting target for its newly-acquired Alcatel-Lucent business.

Nokia said on Thursday that second-quarter earnings before interest and taxes fell 49 per cent to 332 million euros (S$496.5 million), clearly missing the average analyst forecast of 400 million euros given in a Reuters poll of analysts.