Nokia (NOK, Financial) shares declined by 5.38% in pre-market trading, reaching $4.22, following the release of its financial results for the third quarter of 2024. The company's net sales for Q3 amounted to 4.326 billion euros, marking an 8% decrease compared to the same period last year. This figure fell short of analysts' expectations of 4.73 billion euros.
Despite the drop in sales, Nokia reported a 9% increase in adjusted operating profit, which stood at 454 million euros. The adjusted earnings per share rose to 0.06 euros from 0.05 euros in the same quarter the previous year. Additionally, Nokia's adjusted gross margin improved to 45.7%, a 490 basis point increase from the previous year. The company's adjusted operating margin also rose to 10.5%, an improvement of 160 basis points.
