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Nokia increased quarterly net profit by 31%

Net profit of the Finnish manufacturer of telecommunications equipment Nokia Corp. in April-June increased by 31% and amounted to 460 million euros compared to 351 million euros a year earlier. Earnings before one-off factors increased by 8.5% to 585 million euros, beating the average forecast of analysts surveyed by FactSet of 461 million euros.

Nokia quarterly revenue grew by 11% to 5.87 billion euros from 5.31 billion euros a year earlier. The market consensus for this indicator was 5.61 billion euros.

Nokia’s mobile network equipment business increased by 9%, the network infrastructure division by 21%, and the cloud solutions business by 7%.

The company notes that problems with the supply of components persist, but there are already signs of improvement.

Nokia sales in North America jumped by 35%, in Latin America – by 19%, in Greater China (China, Hong Kong, Taiwan) – by 14%, in Europe they decreased by 13%, which is due, in particular, to the departure of the company from the Russian market. Sales of Nokia in the Russian Federation in the second quarter decreased by about 100 million euros, according to a press release.

The company raised its FX-adjusted annual sales forecast to 23.5-24.7 billion euros from the previously expected 22.9-24.1 billion euros.

Shares of Nokia added 7.6% in trading on Thursday. Since the beginning of this year, their value has decreased by 11.5%.

Source: FINMARKET.RU

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Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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