Finland's Tietoevry Q1 profit misses forecast

Nordic IT services provider Tietoevry on Thursday posted a smaller than expected gain in first-quarter operating profit while maintaining its full-year outlook.

The company, which finalized the acquisition of Norway's Evry in December of 2019, said its operating profit rose to 56.7 million euros ($68.78 million) from 50 million a year ago, missing the mean estimate of 69.7 million euros according to Refinitiv data.

First-quarter revenue dropped 4.4% to 711.5 million euros, with Tietoevry's cloud and infra unit declining 15% to 216.2 million euros. ($1 = 0.8244 euros)

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