- The stock price of Nokia Oyj (NYSE: NOK) increased by over 7% during intraday trading. This is why it happened.
The stock price of Nokia Oyj (NYSE: NOK) increased by over 7% during intraday trading. Investors are responding positively to the company raising its full-year outlook following a strong second quarter. The company’s operating profit was higher than expected as the company’s 5G position has been strengthening.
For example, Nokia received its first contract in China for supplying 5G radios last week. As a result, Nokia entered one of the biggest 5G markets. And Nokia is likely going to receive more contracts from other Chinese telecommunications companies.
Nokia is now expecting full-year net sales of 21.7 billion to 22.7 billion euros — up from the prior estimate of 20.6 billion to 21.8 billion euros, according to Reuters. And the company is expected to see an operating profit margin of 10-12% rather than the 7% to 10% expected previously.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
