Finnish vendor reports double-digit adjusted net sales growth of 12% y-o-y, but profit for the period dropped 54% as CEO insists vendor still on track to meet 2025 fiscal outlook.
Profit for the period dropped to €80 million, down from €175 million in Q3 last year, while operating profit dropped by 14% y-o-y, to €239 million. This was despite the strong performance in net sales.
Gross margin declines of 150 basis points compared to last year were attributed to an “expected weaker software contribution in mobile networks, balancing the higher-than-normal contribution in Q2, and product mix effects in Network Infrastructure.” said Nokia CEO Justin Hotard. “Operating margin was stable year-on-year, excluding a one-time benefit seen in the prior year related to a provision reversal.
