Nokia earnings for the second quarter of 2019 have NOK stock up on increasing demand for 5G.
Nokia (NYSE:NOK) reported earnings per share of 6 cents for the second quarter of the year. This is up from its earnings per share of 4 cents from the second quarter of 2018. It was also a boon to NOK stock by coming in above Wall Street’s earnings per share estimate of 3 cents for the period.
The Nokia earnings report for the second quarter of 2019 also includes a net loss of $212.75 million. That’s 30% better than the company’s net loss reported in the same period of the year prior.
Operating loss reported in the Nokia earnings report for the second quarter of the year comes in at $63.49 million. This is a 74% improvement over the company’s operating loss reported in the second quarter of the previous year.
Nokia earnings for the second quarter of 2019 also have revenue coming in at $6.34 billion. This is an increase over the company’s revenue of $5.92 billion reported during the same time last year. It was also good news for NOK stock by beating out analysts’ revenue estimate of $6.04 billion for the quarter.
“In the quarter, we saw good year-on-year growth, meaningful improvements in profitability, robust progress in our strategic expansion areas of Software and Enterprise and excellent momentum in our IP Routing business,” Rajeev Suri, President and CEO of Nokia, said in a statement. “We also continued to enhance our position in 5G, and now have 45 commercial 5G deals and 9 live networks.”
NOK stock was up 10% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.