April 26, 2018 / 5:22 AM / 7 months ago

Nokia posts falling first quarter profits

HELSINKI, April 26 (Reuters) - Nokia on Thursday posted weaker-than-expected quarterly profits as telecom operators particularly in North America held off spending, sending sales down 9 percent, but it expresssed confidence that momentum was building later in 2018.

First-quarter group earnings before interest and taxes (EBIT) fell 30 percent from a year ago to 239 million euros ($291 million), clearly below analysts’ average forecast of 369 million euros in a Reuters poll.

Nokia, which competes with Ericsson, Huawei and ZTE, however lifted its market view, saying that for 2018 as a whole it expected its network sales to outperform the global industry, which is projected to fall 1-3 percent. ($1 = 0.8214 euros) (Reporting by Jussi Rosendahl and Johannes Hellstrom, editing by Eric Auchard)

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