Only Major Blemish on Nokia’s Q3 Is the Drastic Effect of Lost Intellectual Property Revenue

While Nokia’s third quarter disappointed the market, its sales and margins were good across almost all segments. Unfortunately, the company seems no closer to resolving licensing disputes that have modestly weighed on revenue all year. And because Nokia Technologies, the firm’s intellectual property segment, has such high reported margins, the loss of that revenue has an outsize impact on total operating margins.