Nokia Corp. said its first-quarter normalized net income amounted to a loss of €47.6 million, compared with a loss of €281.4 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 0.9% from negative 5.1% in the year-earlier period.

Total revenue declined on an annual basis to €5.38 billion from €5.51 billion, and total operating expenses fell 12.1% on an annual basis to €5.30 billion from €6.04 billion.

Reported net income totaled a loss of €456.7 million, or a loss of 8 cents per share, compared with a loss of €623.6 million, or a loss of 11 cents per share, in the year-earlier period.