Nokia Oyj (NOK) Stock Rockets 17% After Reporting Solid Quarterly Results
Nokia Oyj (NYSE: NOK) stock is all set to gap up on Thursday as the company posted a higher than estimated, thanks to a new strategy for the sale of network and 5G equipment.
the Finnish telecom equipment maker said that revenue during the latest quarter jumped 3% to €5.08 billion ($6.2 billion), ahead of analysts’ estimate of €4.75 billion. The company reported a comparable net profit of €373 million, beating expectations of €90 million. EPS came in at €0.07 per share, €0.06 better than the S&P Capital IQ Consensus of €0.01.
The company projects full-year net sales to come in between €20.6 billion to €21.8 billion, and backed guidance for both 2021 and 2023.
“The solid first-quarter provides a good foundation for achieving the higher end of the 7% to 10% comparable operating margin range,” said Pekka Lundmark, president, and chief executive officer of Nokia, in the earnings release.
NOK stock is up by 16.50% at $4.89 in the pre-market session. The stock has lost more than 50% from its 52-week high of $9.79 earlier this year.
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