Nokia jumps as the phone-maker beats earnings expectations and lifts outlook
Nokialeapt as much as 7.2% on Thursday on the back of a strong earningsand guidance.
- The stock bounced on the news, climbing as much as 7% before paring some gains.
- The Finnish company attributed its success to mobile product launches and its
Nokia leapt as much as 7.2% on Thursday on the back of a strong earnings call that led the company to boost its outlook for the second half of the year.
Nokia's net profits in the second quarter jumped to €351 million from the €107 million analysts polled by FactSet expected. That number was up considerably from the same time last year, when profits came in at €99 million. Sales rose 4% to €5.3 billion, a bit higher than expectations.
The company upped its outlook for the rest of the year and for several years to come. It now expects to generate €22.7 billion in sales in 2021, up from €21.7 previously.
The stock bounced on the news, opening about 7% up and maintaining some of its gains so far throughout the trading day.
Analysts have been growing somewhat more bullish about the Nokia, which has at times attracted meme-stock attention. Earlier in July, JPMorgan upgraded the company from neutral to overweight. In June, Goldman Sachs issued a similar upgrade.
The Finnish company attributed its success in the quarter to mobile product launches as well as increasing market share in 5G network infrastructure. 5G has become a strategic priority across the world, a trend which has benefitted the likes of Nokia as some western countries eschew Chinese 5G infrastructure.
Nokia was trading at $6.10 as of 11:54 a.m. ET, up 4.96% on the day.
- Realme GT Neo 2 5G review: Great performance, fine display but camera needs work
- Cryptocurrency investment 101 — here’s how to do your own research (DYOR) and invest in the right digital asset
- Elon Musk’s puppy, a new strategy to burn tokens, and altcoins playing catch up — the perfect storm for cryptocurrency Shiba Inu to skyrocket
- India's farmers protest takes a gruesome turn with a chilling murder at the scene — here’s the sequence of events
- Bizarre! Shubhman Gill was brought back to bat after being declared out
- Ruturaj Gaikwad and Faf du Plessis — amazing data on how the two openers led CSK to IPL 2021 championship
- Budget and safety top criteria for Chennai households during festive season:LocalCircles
- Electric bus makers on a roll as states like Maharashtra and Karnataka send in large orders