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Nokia profit misses consensus by 25.8% in Q1

Nokia Corp. said its normalized net income for the first quarter amounted to 4 euro cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS rose 19.4% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €150.0 million, a gain of 26.3% from €118.8 million in the prior-year period.

The normalized profit margin rose to 4.7% from 4.5% in the year-earlier period.

Total revenue grew 20.0% on an annual basis to €3.20 billion from €2.66 billion, and total operating expenses increased 23.9% year over year to €2.95 billion from €2.38 billion.

Reported net income increased 76.3% from the prior-year period to €197.9 million, or 5 cents per share, from €112.3 million, or 3 cents per share.