Nokia 3Q profit beats expectations despite chip shortage

By JARI TANNER
Associated Press

HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia has reported third-quarter profit above analyst expectations on increasing sales of 5G technology and trimmed costs. But the company warned on Thursday that the global shortage of semiconductors clouded the market outlook and could hamper growth. The Finland-based company reported net profit of 463 million euros ($537 million) for the July-September period in comparison to 305 million euros a year earlier. Sales were up 2% at 5.4 billion euros. CEO Pekka Lundmark said the third-quarter results showed the company “delivered another great quarter” driven by its increased investments in 5G technology. He noted that the uncertainty around semiconductors limited the outlook for the fourth quarter and into 2022.