Nokia posts stronger-than-expected Q1 profit on higher 5g gear demand
Nokia posted a stronger-than-expected first-quarter revenue and profit as its 5g equipment’s demand peaked.
Based on Refinitiv data, the Finnish telecom’s quarterly revenue improved 3% to 5.08 billion euros ($6.16 billion), surpassing a consensus figure of 4.72 billion.
Since Lundmark’s takeover last year, the firm has streamlined its operation, slashed jobs, and made changes to recover from product missteps under the company’s previous management that hurt its 5G ambitions and weighed on its shares.
Nokia projects full-year net sales of between 20.6 billion euros to 21.8 billion euros, dealing with expectations of 21.28 billion euros.
Quarterly profit rose to 5 euro cents per share while adjusted profit was 7 euro cents per share. Analysts had expected 1 euro cents. Its comparable gross margin jumped to 38.2% from 36.4% last year, fueled by its 5g equipment demand.