Nokia Analysts Cut Their Forecasts Following Q3 Results

Nokia Corp NOK reported worse-than-expected third-quarter financial results.

Nokia reported a third-quarter FY23 net sales decline of 20% year-on-year (15% in constant currency) to €4.98 billion ($5.42 billion), missing the consensus of $6.20 billion. EPS was €0.02, and comparable EPS was €0.05 ($0.05), missing the consensus of $0.09.

Nokia reiterated full-year 2023 net sales of €23.2 billion- €24.6 billion vs. consensus $26.19 billion with a comparable operating margin of 11.5%-13.0%.

Nokia targets €0.8 billion - $1.2 billion gross cost savings by 2026, leading to a total company headcount of 72,000 - 77,000, down from the 86,000 employees Nokia has today.

Nokia shares fell 0.2% to trade at $3.2050 on Friday.

These analysts made changes to their price targets on Nokia following earnings announcement.

• Raymond James lowered the price target on Nokia from $6 to $4.5. Raymond James analyst Simon Leopold maintained an Outperform rating.
• Goldman Sachs cut the price target on Nokia from $5.9 to $5.1. Goldman Sachs analyst Alexander Duval maintained a Buy rating on the stock.

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