Nokia Oyj Stock Rockets 17% After Reporting Solid Quarterly Results

Nokia Oyj 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.

Nokia Oyj Stock Rockets 17% After Reporting Solid Quarterly Results

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.

Anthony Gonzales

Biotech, Tech, and Crypto reporterAnthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.