Nokia 2Q Net Profit Beat as Demand Remains Strong
July 21 2022 - 01:27AM
Dow Jones News
By Dominic Chopping
Nokia Corp. on Thursday posted a forecast-beating second-quarter
net profit as demand for mobile networks and network infrastructure
remained strong, despite continuing supply chain constraints.
The component supply situation remains constrained but is
showing signs of improvement, and Nokia said it expects to deliver
net sales growth in mobile networks on a constant currency basis in
2022.
North America had good sales growth in mobile networks, while
sales in Europe declined, mainly driven by its decision to exit
Russia.
The company's comparable net profit for the quarter rose to 585
million euros ($595.7 million) from EUR539 million a year earlier.
Sales rose 11% to EUR5.87 billion, it said.
Analysts polled by FactSet had expected comparable net profit of
EUR461 million on sales of EUR5.61 billion.
On a reported basis, Nokia posted a net profit of EUR460 million
from EUR351 million a year earlier.
Nokia lifted full-year sales guidance to between EUR23.5 billion
and EUR24.7 billion, from EUR22.9 billion-EUR24.1 billion, adjusted
for currency. It still sees the full-year comparable operating
margin at 11%-13.5%.
"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,"
Chief Executive Pekka Lundmark said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 21, 2022 02:12 ET (06:12 GMT)
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