Nokia’s Top Line Disappoints While Restructuring Efforts Are Moving Well; Maintain FVE of $5.50
Nokia reported mixed third-quarter results as a revenue decline was partially offset by solid margins expansion. We are pleased with the Alcatel-Lucent integration efforts and overall profitability improvements, but we remain concerned with the overall health of the telecom spending environment, especially in mobile broadband infrastructure, which accounts for over a half of the company’s revenue. While Nokia announced the upcoming launch of its so-called 4.5G and 4.9G mobile broadband products,...
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