Nokia CEO sees networks recovery as patents boost results

HELSINKI/LONDON (Reuters) - Telecom network gear maker Nokia posted better-than-expected 2017 profits on Thursday and said it rebounded from costly prior sales hiccups, encouraging investors spooked by a weakening equipment market and acquisition integration missteps. Nokia shares bounded 15 percent higher on results which showed fourth-quarter group operating profit rising 7 percent to 1.0 billion euros ($1.2 billion), well ahead of a Reuters poll forecast of 888 million euros. The network industry, dominated by Huawei, Nokia and Sweden's Ericsson, is weathering the toughest part of a decade-long cycle as demand for 4G gear falls, while spending on new, mass-market 5G networks is unlikely before 2019 or 2020.

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