Saturday 9/18/21
BUSINESS

Nokia announces quarterly profit rise and improved annual outlook

Net sales for the second quarter rose to 5.31 billion euros from 5.09 billion euros last year
FILED - 25 February 2018, Spain, Barcelona: A Nokia logo can is at the hosting venue during the "Mobile World Congress". Finnish telecommunications equipment maker Nokia expects to revise upwards its prior outlook ranges for 2021, it announced on Tuesday. Photo: Andrej Sokolow/dpa
A Nokia logo at the hosting venue during the 'Mobile World Congress' held in Barcelona in 2018. Photo: Andrej Sokolow/dpa/File photo.

Nokia reported that its second-quarter profit climbed to 351 million euros or 0.06 euros per share from 99 million euros or 0.02 euros per share last year.

The announcement reflects broad improvements, particularly in Mobile Networks, which benefited from a one-time software deal and 5G growth.

Comparable earnings per share grew to 0.09 euros from 0.06 euros in the previous year.

Net sales for the second quarter rose to 5.31 billion euros from 5.09 billion euros last year.

Constant currency net sales were up 9% year-on-year, driven by growth across all business groups, with particular strength in its Network Infrastructure group.

Sales outlook

The company raised its fiscal year 2021 net sales outlook to a range of 21.7 to 22.7 billion euros from the prior outlook of 20.6 to 21.8 billion euros.

The company now expects a comparable operating margin to be between 10 to 12% for full year 2021, compared to the previous range of 7 to 10%.

The company still expects typical quarterly earnings seasonality to be less pronounced in 2021.

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