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SoundView Keeps 'Outperform' on Nokia

SoundView keeps outperform on Nokia (NOK), but notes the company's infrastructure business is weak.

Analyst Matt Hoffman notes its weak infrastructure business. The cell phone maker warned Tuesday of weaker sales and revenues

Analyst Matt Hoffman says the crux of Nokia's guidance announcement Tuesday is a worse-than-expected outlook for Nokia Networks, which makes up roughly 20% of total sales. He says business is tracking worse than his first quarter sequential growth estimate of -34%, with a surprisingly wide loss now projected, leading to Nokia's slightly lowered earnings per share estimate. He notes this weakness offsets any momentum from in-line handset sales.

Hoffman says he doesn't expect to significantly revise his estimates of 85 cents 2003 earnings per share and 97 cents for 2004, but he's likely to shift revenue and earnings per share out of Networks into mobile phones.

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