Nokia posts falling network sales, lifts cost-saving targets

HELSINKI (May 10): Nokia's net sales of telecoms equipment fell more than expected in the first quarter as the Finnish company warned on Tuesday that earnings in its mainstay business would decline this year due to slowing demand in China.

In its first unified earnings report since taking control of rival Alcatel-Lucent in January, Nokia also nudged up its cost-cutting target for the merger, saying it was now seeking savings of "above" 900 million euros in the course of 2018, compared to "approximately" 900 million euros previously.

Net sales at the combined networks business dropped 8 percent from a year ago to 5.18 billion euros ($8.08 billion), missing a market consensus of 5.51 billion.

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