Nokia (NYSE:NOK) stock is rising higher on Thursday following the release of its earnings report for the second quarter of 2022.
That report starts with adjusted earnings per share of 10 cents. That’s better than the eight cents per share that Wall Street was expecting for the quarter. It’s also an 11% increase over the nine cents per share reported during the same time last year.
To go along with that, Nokia reported a revenue of 5.87 billion euros. Yet again, that comes in above the 5.61 billion euros that analysts were looking for this period. That also has it up 11% from the 5.31 billion euros reported in the second quarter of 2021.
Nokia also updates its revenue outlook for 2022 to adjust for currency, but it remains the same in constant currency. This has it expecting revenue to range from 23.5 billion euros to 24.7 billion euros.
Pekka Lundmark, CEO of Nokia, said the following in the earnings report:
There remain risks around timing of Nokia Technologies’ contract renewals, potential COVID-19 lockdowns and the supply chain which remains challenging but is showing signs of improvement. We are currently tracking towards the higher-end of our net sales guidance and towards the mid-point of our operating margin guidance as we manage ongoing inflation and currency headwinds.
NOK stock is up 6.9% as of Thursday morning. The stock is still down 20% since the start of the year.
Investors seeking out more recent stock market news are in the right place!
We’ve got all the hottest stock news traders need to know about for Thursday! Among that is what’s happening with AT&T (NYSE:T), cruise stocks, and airline stocks. You can find out all about these topics at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
