Huge rise in Nokia shares this morning21. 07. 2022 Thursday / By: Robert Denes / Business / Exact time: BST / Print this page
N okia shares rose 7.02% to $5.03 on Thursday morning after the company reported second-quarter results.
Nokia beat estimates by 10.0%, reporting EPS of $0.11, compared to the consensus estimate of $0.10. Revenue of $6.26 billion was down $141.00 million year-over-year, but topped the consensus estimate of $6.15 billion.
One of the key elements of the report, according to Nokia, Network Infrastructure net sales increased by 12% at constant exchange rates, with growth in all four businesses, while Mobile Networks resumed growth despite ongoing supply chain constraints.
Commenting on the second quarter results, CEO Pekka Lundmark said: "We had a strong first half and with renewed competitiveness we are well positioned to deliver on our 2022 guidance. Risks remain around the timing of Nokia Technologies' contract renewal. , potential COVID-19 shutdowns and a supply chain that remains challenging but is showing signs of improvement."
"We are currently at the upper end of our net sales guidance and the midpoint of our operating margin guidance as we manage continued inflation and currency headwinds," Lundmark said.