Nokia (NYSE: NOK) reported Q2 EPS of EUR0.03, EUR0.01 worse than the analyst estimate of EUR0.04. Revenue for the quarter came in at EUR5.68 billion versus the consensus estimate of EUR6.44 billion.

Raised annual cost savings target to approximately EUR 1.2 billion of total annual cost savings to be achieved in full year 2018, compared to the combined non-IFRS operating costs of Nokia and Alcatel-Lucent for full year 2015, excluding Nokia Technologies. Related to this, Nokia recorded approximately EUR 600 million of restructuring and associated charges in the second quarter 2016.

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