Company’s profit beats forecasts in growing 5G market
Despite strong demand from mobile operators for 5G equipment, Nokia Oyj reported higher-than-expected earnings and said it is on track to meet full-year guidance.
The Finnish mobile network operator said its adjusted operating income of 714 million euros ($730 million) in the second quarter surpassed analysts’ average estimate of 640.5 million euros.
Earnings per share amounted to 0.10 euros
According to the company, its mobile networking division has resumed growth and has dealt well with supply issues that continued to disrupt 5G equipment suppliers during the quarter.
Nokia Ericsson shares fell as much as 12% last week following a mixed quarterly report.
Nokia maintained its full-year net sales forecast in constant currency, targeting sales of €23.5 billion to €24.7 billion at the June 30 exchange rate.
The company’s comparable operating margin guidance remains at 11 percent to 13.5 percent.