Nokia shares jump 15% on upbeat Q1 2021 results
First-quarter revenue rose 3 percent to 5.08 billion euro (Rs 45,600 crore), beating a consensus figure of 4.72 billion euro (Rs 42,370 crore)
April 30, 2021 / 09:20 AM IST
Shares of Finnish telecom equipment maker jumped as much as 15 percent on April 29 after the company reported forecast-beating results for the first quarter of 2021. At close, the stock was up 11.19% at $4.67 on the New York Stock Exchange.
First-quarter revenue rose 3 percent to 5.08 billion euro (Rs 45,600 crore), beating a consensus figure of 4.72 billion euro (Rs 42,370 crore), according to IBES data from Refinitiv, Reuters reported.
"These are a solid set of results and a good start to the year for Nokia," said Richard Webb, an analyst at CCS Insight. "In particular the operating margin of 11 percent looks healthy and shows that the restructuring is having some positive impact."
Sales at Nokia's network infrastructure business, which includes optical and fixed network products, rose 28 percent to 1.73 billion euro (Rs 15,530 crore), helped by demand from enterprise customers.
Quarterly profit rose to 5 cents (roughly Rs 5) per share while adjusted profit was 7 cents (roughly Rs 6) per share. Analysts had expected 1 cent (roughly Re 1).
Its comparable gross margin rose to 38.2 percent from 36.4 percent a year earlier, mainly driven by 5G growth.
Nokia maintained its full-year net sales forecast of between 20.6 billion euro (roughly Rs 1,84,940 crore) to 21.8 billion euro (roughly Rs 1,95,710 crore), largely in line with expectations.with inputs from Reuters