Nokia (NOK) Wins Competition Over Huawei And Other Rivals: Stock Skyrockets To The Moon?

Great news incoming. On June 23, Nokia’s stock was at $5.05. However, after getting positive news, the stock is currently skyrocketing to $5.85, resulting in a 16% gain. Nokia said Tuesday it plans to raise its full-year outlook as the business picks up steam in the second quarter, pushing the telecom equipment maker’s stock up more than 6%. The company, which will publish a new forecast on July 29, reporting second-quarter results, previously had forecast net sales in 2021 of € 20.6 billion to € 21.8 billion ($ 24.4 billion to $ 25.85 billion).
Nokia battled Scandinavian rival Ericsson as product bugs in the early days of 5G hampered growth and led to a change in senior management. But under Pekka Lundmark’s leadership, Nokia was rebuilding its lost ground by changing its operating model, cutting costs, laying off thousands of employees, and forging new partnerships with tech and telecommunications companies.

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The company also received support as Huawei’s withdrawal from several European markets gave it access to new markets, and the fight between the Swedish government and Huawei will likely lead to Nokia’s expansion in China this year.

Richard McEntire

Finance and Entertainment Reporter Richard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.

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