Nokia beats profit expectations in third quarter

October 27, 2016 1:25 AM EDT

A photo illustration of a man silhouetted against a Nokia logo in the central Bosnian town of Zenica January 23, 2014. REUTERS/Dado Ruvic/File Photo


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HELSINKI (Reuters) - Finnish telecom network equipment maker Nokia said on Thursday its quarterly profit fell less than expected as it was boosted by a non-recurring licensing payment from Samsung [005930.KS].

Third-quarter earnings before interest and taxes (EBIT) decreased 18 percent from a year ago to 556 million euros ($606 million), clearly surpassing the average analyst forecast of 430 million given in a Reuters poll of analysts.

Group sales dropped 7 percent from a year ago to 5.95 billion euros, including network equipment sales falling to 5.32 billion, which compared with a market consensus of 5.39 billion.

Nokia also said its chief financial officer Timo Ihamuotila, who had helped the company to restructure from a troubled phone maker into a network equipment company, would resign to join Switzerland's ABB.

(Reporting by Jussi Rosendahl and Tuomas Forsell)



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