Nokia Oyj NOK shares are trading higher by 7.02% to $5.03 Thursday morning after the company reported second-quarter results.
Nokia beat estimated earnings by 10.0%, reporting an EPS of $0.11 versus an estimate of $0.10. Revenue of $6.26 billion was down $141.00 million from the same period last year but beat the consenus estimate of $6.15 billion.
Among the highlights from the report, Nokia says Network Infrastructure net sales grew 12% in constant currency, with growth across all four businesses while Mobile Networks returned to growth despite ongoing supply chain constraints.
Why it Matters
Commenting on the second-quarter results, CEO Pekka Lundmark said: "We have had a strong first half and with our renewed competitiveness, we are well placed to deliver our full year 2022 guidance. There remain risks around timing of Nokia Technologies’ contract renewals, potential COVID-19 lockdowns and the supply chain which remains challenging but is showing signs of improvement."
"We are currently tracking towards the higher-end of our net sales guidance and towards the mid-point of our operating margin guidance as we manage ongoing inflation and currency headwinds," Lundmark stated.
According to data from Benzinga Pro, Nokia has a 52-week high of $6.40 and a 52-week low of $4.37.
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