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Nokia's Sales Drops 11% on Weak Mobile Networks Business

Finnish communications company Nokia (NOK) disappointed the market as it reported an 11% sales decline in the second quarter due to weakness in its mobile networks business. Shares dropped 5.5% to €4.69 ($5.22) in morning trading.

Non-IFRS net sales reflecting both Nokia and Alcatel-Lucent, a majority of which the firm acquired in January this year, came in at €5.68 billion, down from €6.36 billion a year earlier and below the analyst consensus of €5.82 billion. Diluted earnings per share came to €0.03, in line with the analyst consensus.