Nokia Corp Earnings: Swing to a Loss, Short of Analysts’ Forecasts
Nokia Corporation (NYSE:NOK) reported its results for the first quarter. Nokia is a manufacturer of mobile devices, including a range of devices for all major consumer segments.
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Nokia Earnings Cheat Sheet for the First Quarter
Results: Reported a loss of 929 million euros in the quarter. Nokia Corporation had a net income of 344 million euros in the year-earlier quarter.
Revenue: Fell 28.8% to 7.4 billion euros from the year-earlier quarter.
Actual vs. Wall St. Expectations: Nokia Corporation fell short of the mean analyst estimate of a loss of 731 million euros.
Quoting Management: “We are navigating through a significant company transition in an industry environment that continues to evolve and shift quickly,” Nokia’s Chief Executive Stephen Elop said. “Over the last year we have made progress on our new strategy, but we have faced greater than expected competitive challenges.”
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from a profit of 7 cents a share to a loss of 5 cents over the last ninety days. Over the past ninety days, the average estimate for the fiscal year has fallen from 35 cents per share to a loss of 5 cents.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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