Tieto swings to loss on charges, weak European demand
HELSINKI, July 20
HELSINKI, July 20 (Reuters) - Nordic IT services provider Tieto swung to an operating loss in the second quarter, weighed down by restructuring charges and weak demand for technology services in Europe.
Tieto, which competes with bigger corporate technology services companies such as Accenture and IBM, swung to a quarterly operating loss of 3.7 million euros ($4.5 million) from a profit of 19.2 million euros a year earlier.
Excluding one-off charges, it reported an operating profit of 28.2 million euros. It reiterated its outlook for full-year operating profit, excluding special items, to improve from the previous year's 117 million euros.
($1 = 0.8156 euros) (Reporting by Helsinki newsroom; Editing by Matt Driskill)
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