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Nokia Posts Profit Growth on The Back of Patent Deal, Networks Fall

Nokia said it expected networks market conditions for this year to be slightly more challenging than earlier anticipated. It estimated a 4 to 5 percent market decline for 2017 and a 2 to 5 percent year-on-year fall for 2018.

Reuters

Updated:October 26, 2017, 11:04 AM IST
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Nokia Posts Profit Growth on The Back of Patent Deal, Networks Fall
Nokia Posts Profit Growth on The Back of Patent Deal, Networks Fall (Image: REUTERS/Sari Gustafsson)
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Nokia reported larger than expected quarterly profits on Thursday, helped by a patent licensing deal, but warned that its mainstay network equipment market looked more challenging and that it was set to decline also in 2018. Third-quarter group earnings before interest and taxes (EBIT) rose 20 percent from a year ago to 668 million euros ($790 million), clearly above analysts' average forecast of 541 million euros in a Reuters poll.

The profit was boosted by a one-off payment of 180 million euros from a settled patent arbitration. Operating profit from the networks business fell 23 percent year-on-year. Nokia said it expected networks market conditions for this year to be slightly more challenging than earlier anticipated. It estimated a 4 to 5 percent market decline for 2017 and a 2 to 5 percent year-on-year fall for 2018.

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