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Hedge funds who had stayed put in their shorts in the Finnish smartphone company, moved a little in their positions after Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) released 1Q 2013 earnings on Thursday, 18 April. After closing at $3.59 on NYSE on Tuesday, the shares fell as much as 13 percent on the earnings day. Nokia has gained ground on Windows Phones but the company showed decreased sales of feature phones, which apparently did not sit well with investors.

Taking heart from Nokia’s decline post-earnings, John Lykouretzos’ Hoplite Capital Management decided to join in on the fun with its big brother Viking Global, by declaring a 0.55 percent short in the company on Thursday. John Lykouretzos has worked for five years with Andreas Halvorsen at Viking Global. Hoplite has already gained on its short, and Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is down 8.8 percent since April 18 on the Finnish stock exchange.

For the full list of short positions in European equities, visit Hedge Fund Short Positions.

Tiger cub Viking Global has been dialing back its position in Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) from the high of 2.64 percent of outstanding shares, to now down to 1.74 percent. As the position has been built up and pared in many intervals, it is hard to predict the extent of Viking’s profits or losses from the short. Nokia is up 15 percent  since Nov 2012, the time when the fund disclosed the position. Earlier, a week before Q1 earnings, Coatue Management also reduced short in Nokia Corporation ADR (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) to below 0.5 percent.

While Viking Global and Coatue have been reducing, another Tiger alum, Discovery Capital has been gathering it up. Discovery’s short in Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is now up to 1.76 percent. Steve Mandel’s Lone Pine Capital also slightly added to the short position in Nokia post earnings, now at 0.97 percent, after keeping it steady at 0.84 percent since December. Maverick Capital, which has also showed almost equal inactivity previously, also pitched in by increasing its short from 0.93 percent to 1.07 percent.

Shares are trading on the positive end today, Nokia Corporation ADR (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) closed up 3.46 percent on Helsinki exchange.