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Why Nokia Stock Just Flopped

TheMotleyFool

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Shares of onetime cellphone giant now turned telecommunications infrastructure company Nokia (NYSE: NOK) plunged after it reported an earnings miss this morning. Analysts had forecast Nokia would earn "comparable" operating profits of 690.6 million euros ($676 million) in its fiscal third-quarter report, but Nokia reported a comparable operating profit of only 658 million euros.

As of 12:35 p.m. ET, Nokia stock is down 7.8%.

Q3 sales surged 16% year over year to 6.2 billion euros, but Nokia owed most of its gains to a strong U.S. dollar that benefited Nokia's euro-denominated numbers. Absent the currency exchange rate effect, sales would have risen only 6%.

Source Fool.com

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