NOK: Fins report from Thursday
Nokia Enjoys Q4 Beat
Nokia Corporation's (NYSE:NOK) shares surged in early trade on Thursday, as the company posted better-than-expected numbers for the fourth quarter.
The Finnish telecom equipment maker reported earnings of 16 cents U.S. per share, up 15.3% compared to the similar quarter last year. Analysts had estimated the investors to comparable net earnings per share as last year.
Nokia reported a quarterly profit of $1.24 billion, up 1% year-on-year, and beating analyst estimates by 3.67%.
EPS for the financial year 2019 came at 24 cents and operating profit at $2.2 billion.
According to CEO Rajeev Suri, "Nokia's fourth-quarter 2019 results were a strong end to a challenging year. We saw strength in many parts of our business in the quarter, delivered a slightly better operating profit than the same period in 2018, generated solid free cash flow, and increased our net cash balance to EUR 1.7 billion.
"While I believe that 2020 will present its share of challenges, I am confident that we are taking the right steps to deliver progressive improvement over the course of this year and to position us for a stronger 2021."
Nokia turned heads in January with news of a 5G deal with Orange France, one of Europe's biggest operators.
It's an end-to-end deal that includes Single Radio Access Network tech, advanced automation, network management and related services.
NOK shares opened trade Thursday down four cents, or 1.1%, to $3.98.
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