Nokia Provides Mid-Quarter Financial Update

In a mid-quarter financial update, Nokia said pro forma EPS (diluted) for the Nokia group is expected to be between EUR 0.15 and 0.17, within earlier stated guidance. The strength of Nokia's new mobile phone product offering and the company's overall operational efficiency is expected to be offset by a weaker-than-expected performance by Nokia Networks. Mobile phone sales are estimated to be at the low end of the guided range of flat to 9% year-on-year growth, with strong profitability at Nokia Mobile Phones continuing. Sales at Nokia Networks for the first quarter are expected to decline by 15% to 20% year on year, as operators in all major regions continue to decrease the level of their investments.
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