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Nokia beats 3Q forecasts
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October 21, 1999: 7:08 a.m. ET
No. 1 cellular manufacturer posts 36% jump in profits as handset sales soar
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LONDON (CNNfn) - Nokia posted a 36 percent jump in third-quarter profits Thursday to comfortably beat expectations for the world's largest cellular equipment maker.
The Finnish company recorded pretax earnings of 937 million euros ($1.01 billion) while operating profits jumped 38 percent to 951 million euros. The results bettered a consensus forecast pretax number of 865 million euros, according to a poll of analysts by Reuters.
Revenue soared 49 percent to 5.04 billion euros.
The handset division posting the strongest performance as profits climbed 61 percent to 753 million euros. The infrastructure business contributed 248 million euros, a 12 percent rise on the same period last year.
Nine-month pretax profit rose 59 percent to 2.57 billion while revenue climbed 49 percent to 13.4 billion euros.
Shares in Nokia (NOK) rose 1.1 percent in Helsinki to 90.15 euros, just 2 euros below its 1999 high. The stock is also listed on Nasdaq.
Nokia chairman Jorma Ollila said full-year revenue growth will exceed 40 percent. 
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