October 24, 2019 / 5:18 AM / a month ago

Nokia cuts profit outlook citing tough competition

HELSINKI, Oct 24 (Reuters) - Finnish telecom network equipment maker Nokia warned its 2019 and 2020 profits would be weaker than it had expected, citing tough competition and additional investments, though third-quarter were in-line with expectations.

Nokia said it now sees 2019 underlying earnings per share at 0.18 to 0.24 euros and 2020 EPS at 0.20 to 0.30 euros. It had earlier forecast 2019 earnings per share at 0.25 to 0.29 euros, and 2020 EPS of 0.37 to 0.42 euros.

Nokia reported an expected slip in underlying earnings during the July to September earning of 0.05 euros per share from 0.06 euros a year ago, in line with the 0.05 euros reported in a Refinitiv poll.

The company said its third-quarter revenue rose 4% from a year ago to 5.69 billion euros ($6.34 billion), boosted by rising demand, roughly in line with analysts’ average forecast of 5.63 billion.

$1 = 0.8980 euros Reporting by Tarmo Virki and Anne Kauranen; Editing by Christian Schmollinger

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