Nokia beats market forecasts in Q2

HELSINKI : Finnish network equipment maker Nokia reported larger than expected quarterly profits on Thursday thanks to a patent deal with Apple along with improving profitability at its network business but warned its key market would slow. Second-quarter group earnings before interest and taxes (EBIT) rose 73 per cent from a year ago to 574 million euros ($674 million), clearly above analysts’ average forecast of 447 million euros in a Reuters poll. However, Nokia said the global network market would be more challenging in the full year than earlier forecast, citing uncertainty related to the some projects. — Reuters