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(FILES) This file photo taken on March 2, 2020 shows the logo of telecommunications giant Nokia in Espoo, Finland.
markku ulander/Agence France-Presse/Getty Images
Shares of Nokia NOKIA, -16.98% NOK, -4.48% slumped 13% in Helsinki after the telecom equipment maker lowered its 2020 guidance and introduced 2021 margin guidance below market expectations.
Nokia said its third-quarter profit more than doubled to 203 million euros, while sales fell 7% to 5.29 billion euros. On an adjusted basis, Nokia’s earnings per share was steady at 5 eurocents.
Nokia lowered its 2020 adjusted earnings view to 23 cents from 25 cents, and its operating margin view to 9% from 9.5%. It expects 2021 adjusted operating margins between 7% and 10%, below consensus expectations of nearly 11%.
Nokia also announced a new corporate structure.
