Shares of Nokia (NYSE:NOK) stock are taking off on Thursday after the firm reported its for fiscal year 2021. The results were surprisingly good.
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 ÃÛÌÒ´«Ã½s 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.
