Nokia earnings miss, euro bounce weigh on European shares

jueves 30 de abril de 2015 04:21 GYT

* FTSEurofirst 300 drops 0.7 percent

* Nokia leads tech selloff after telecoms profit miss

* Euro bounce fuels more profit taking

By Francesco Canepa

LONDON, April 30 (Reuters) - European equity indexes fell for a third straight day on Thursday, weighed down by a selloff in technology stocks after disappointing numbers from Nokia and by a strengthening euro.

Shares in the Finnish firm fell 8.6 percent after it posted quarterly profits well below forecasts at its main telecom network equipment business, citing lower software sales, higher costs and challenging conditions in Europe and Latin America.

"It came as a surprise to many because Nokia's business mix was supposed to be a bit better than this," Evli Bank analyst Mikko Ervasti said.

"It looks like has Nokia had to make quite a lot of very basic network implementation, which is quite a costly business that yields better results later when those networks get their upgrades."

Sector peer Alcatel Lucent dropped 8 percent while Ericsson was down 1.2 percent and the broader STOXX Europe 600 tech index fell 1.9 percent.   Continuación...