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June 27, 2017

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Nokia returns to profit in Q1 despite falling revenue

HELSINKI--Finnish telecom company Nokia said on Tuesday it returned to profit in the first quarter, despite falling revenue, just days after officially handing over its mobile division to U.S. giant Microsoft.

Net profit for the first three months of 2014 was 108 million euros (US$150 million).

After completing the sale of its handset business last Friday for 5.44 billion euros, Nokia will focus on telecommunications networks and geolocation systems, which in the same period of 2013 reported losses of 98 million euros.

Revenue in the first quarter of 2014 dropped by 15 percent compared to a year earlier to 2.664 billion euros, slightly under the expectations of analysts polled by Dow Jones Newswires, who had forecast 2.85 billion.

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