Nokia earnings backpedals for first time in five years

Global top mobile manufacturer Nokia announced that the earnings backpedaled for the first time in the five years. The Q2 profit slumped 16% from the same period last year to 830 mln euros and per share earnings stood at 0.17 euro, still better than market expectation. The turnover increased 5% to 7.346 bln euros among which 5.349 bln euros came from mobile business with a growth of 10% and 1.896 bln euros were contributed by network business with a slight drop of 2%. Nokia predicted that the Q3 per share earnings will be 0.14-0.16 euros and turnover will rise not more than 5%, while the Q4 earnings will be improved and the mobile market will revive next year. Stirred by the positive news, Nokia gained US$2.51 to close at US$19.51 in US.

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