Tieto Q1 op. profit slightly above expectations
HELSINKI, April 25
HELSINKI, April 25 (Reuters) - Finnish IT services provider Tieto on Friday reported a rise in quarterly earnings even as sales fell short of expectations.
Tieto's first-quarter operating profit, excluding one-off items, was 34.5 million euros ($47.7 million), slightly better than analysts' average expectation of 33.3 million and improvement from the 32 million euros posted a year earlier.
First-quarter sales fell to 387 million euros from 424 in the same period a year earlier, below the Reuters poll forecast of 401 million euros.
The company has been slashing costs over the past year to cope with weak demand, particularly from the telecommunications sector. ($1 = 0.7236 Euros) (Reporting by Sakari Suoninen; Editing by Jussi Rosendahl)