April 21, 2011 / 10:11 AM / 8 years ago

Nokia Siemens surprises with small Q1 profit

HELSINKI, April 21 (Reuters) - Nokia’s telecom gear venture Nokia Siemens Networks [NOKI.UL] posted a small first quarter profit on Thursday rather than a loss as expected and forecast a low level of profitability in the second quarter.

Nokia Siemens Networks, a 50-50 venture of Nokia NOK1V.HE and Siemens (SIEGn.DE), has struggled to make a profit since its 2007 start amid falling operator spending and fierce pricing from rivals Huawei [HWT.UL] and Ericsson (ERICb.ST).

But the venture made a January-March underlying (nonIFRS) operating profit of 3 million euros after a profit of 15 million euros a year earlier and compared with a forecast for a 45 million loss in a Reuters poll. [ID:nLDE73A29U]

Nokia Siemens said it expected second quarter sales to be between 3.2 and 3.5 billion euros, while the underlying operating profit margin would be between 1 and 4 percent. (Reporting by Helsinki and Stockholm newsrooms)

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