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Nokia profit misses consensus by 44.4% in Q3

Nokia Corp. said its third-quarter normalized net income was 3 euro cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

EPS increased 54.0% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €191.1 million, a gain of 50.3% from €127.1 million in the year-earlier period.

The normalized profit margin rose to 3.5% from 2.2% in the year-earlier period.

Total revenue fell 6.7% on an annual basis to €5.50 billion from €5.90 billion, and total operating expenses fell 9.0% from the prior-year period to €5.13 billion from €5.64 billion.

Reported net income totaled a loss of €169.1 million, or a loss of 3 cents per share, compared with a loss of €115.5 million, or a loss of 2 cents per share, in the year-earlier period.