These solid numbers were driven by a number of important factors, including 5G, network infrastructure and mobile network growth. Additionally, the firm reiterated its full-year outlook for 2021 and 2023.
What else do NOK stock investors need to know about the Nokia earnings report? Let’s dive in.
- Nokia’s revenue reached 5.08 billion euros ($6.15 billion), an increase of 3% from the same period last year.
- Those sales also beat Wall Street estimates of $5.83 billion for the period.
- The company’s diluted earnings per share (EPS) of 0.05 euros (6 cents) also surprised analysts, beating their expected figure of 1 cent.
- Nokia’s operating income of 431 million euros ($522 million) is a major improvement from the operating loss of 76 million euros in Q1 2020.
- Finally, the firm’s net income of 263 million euros ($318.4 million) is a substantial year-over-year (YOY) jump from its Q1 2020 net loss of 115 million euros.
Pekka Lundmark, the president and CEO of Nokia, had this to say about Nokia’s earnings report:
“We have delivered a robust start to the year with strong net sales, operating margin and cash flow. Today’s results demonstrate that we are on track to deliver on our three-phased plan to achieve sustainable, profitable growth and technology leadership as announced at our recent Capital Markets Day.”
Nokia’s fiscal year 2021 outlook looks rather strong, too. This includes estimated sales between 20.6 billion euros and 21.8 billion euros ($24.9 billion and $26.4 billion) as well as a comparable operating margin of 7% to 10%.
NOK stock was up 8.8% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.