Shares of Nokia (NYSE: NOK) today they were climbing after the company reported better-than-expected results in the second quarter. Nokia shares jumped more than 11% during morning trading.
At noon on Friday’s EDT, Nokia’s stock rose 6.3%.
Investors were happy to see Nokia’s net profit rise 21% in the second quarter to 311 million euros ($ 367 million). This figure easily outweighed Wall Street̵7;s consensus of 138 million euros in net profit. Nokia’s undiluted earnings per share of 0.06 euros in the second quarter of the year rose from 0.05 euros in the quarter of last year.
Profit gains came even as the company’s revenue fell 11% from a quarter of a year ago. Chief Executive Rajeev Suri said that despite the challenges from the coronavirus pandemic, the company’s second-quarter results “show that our execution has improved as planned and that we are in a good position to end the a year with a much stronger financial position. ”
Including today’s earnings, Nokia’s stock is up 27.5% since the beginning of this year.
Nokia has raised its earnings guidance for the full year 2020 as a result of second-quarter results. The company now expects an EPS of 0.25 euros at the midpoint, above the previous guidance of 0.23 euros. If the company meets its earnings guidance, it would be a significant improvement from a loss of 0.03 euros per share in the second quarter of 2019. As with many companies now, the coronavirus pandemic and economic effects in the United States could cause volatility with Nokia stock in the coming months.