(RTTNews) - Nokia Corp. (NOK) reported a profit for the third-quarter compared to a loss in the prior year, primarily driven by continued progress related to cost savings program and a gain on defined benefit plan amendments, partially offset by higher income taxes. The company lowered its full year 2019 and full year 2020 profit outlook due to margin pressure, additional 5G investments and additional digitalization investments.
The company reported that its profit for the third-quarter was 87 million euros and 0.01 euros per share, compared to a loss of 127 million euros and 0.02 euros per share in the previous year.
Non-IFRS earnings per share were 0.05 euros, compared to 0.06 euros in the previous year, primarily driven by lower gross profit in Networks and a net negative fluctuation in financial income and expenses. It was partially offset by higher gross profit in Nokia Software and continued progress related to Nokia's cost savings program.
Net sales for the quarter grew to 5.69 billion euros from 5.46 billion euros in the prior year.
Looking ahead for 2019, the company now expects non-IFRS earnings per share to be 0.21 euros plus or minus 3 cents, compared to the prior estimation of 0.25 euros - 0.29 euros.
For 2020, the company now projects Non-IFRS earnings per share to be 0.25 euros plus or minus 5 cents, compared to the earlier outlook of 0.37 euros - 0.42 euros.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.