Why Nokia Stock Swooned on Thursday
News from 's (NYSE: NOK) corporate headquarters pushed the Finland-based company's share price down on Thursday. The once-mighty telecom published its third-quarter results, and for the most part investors weren't pleased with the numbers. Nokia stock closed the day more than 3% in the red, comparing unfavorably to the essentially flat performance of the benchmark S 500 index.
Nokia's interim third-quarter report revealed that the company's net sales fell by 8% year over year to slightly over 4.3 billion euros ($4.7 billion). Heading in the other direction was net income; this increased by 22% across that same stretch of time to 358 million euros ($389 million). On a per-share basis, the latter metric shook out to 0.06 euros per share ($0.07).
Neither line item reached the consensus analyst estimate. On average, pundits tracking the telecom stock were modeling 5.21 billion euros ($5.67 billion) on the top line, and 0.07 euros ($0.08) per share for net profitability.
Source Fool.com
