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: Nokia shares are falling on a weaker than anticipated margin outlook

(FILES) This file photo taken on March 2, 2020 shows the logo of telecommunications giant Nokia in Espoo, Finland.

markku ulander / Agence France-Presse / Getty Images

Nokia shares
NOKIA,
-14.12%

NOK,
-4.48%
down 13% in Helsinki after the telecommunications equipment maker lowered its 2020 forecast and rolled out its 2021 margin forecast below market expectations.

According to Nokia, profit more than doubled to 203 million euros in the third quarter, while sales fell by 7% to 5.29 billion euros. Adjusted, Nokia earnings per share were constant at 5 euros.

Nokia cut its 2020 adjusted earnings forecast from 25 cents to 23 cents and its operating margin from 9.5% to 9%. For 2021, adjusted operating margins are expected to be between 7% and 10%, which is below consensus expectations of nearly 11%.

Nokia also announced a new corporate structure.

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