On Thursday, Nokia published slightly better-than-expected second-quarter results, but also revised its annual targets downwards, which weighed heavily on its share price at the start of trading.

The Finnish network equipment manufacturer explains that it now expects operating profit for 2024 to be in the middle, or even at the bottom, of the range of 2.3 to 2.9 billion euros it had set itself for the year.

In a press release, the Group stresses that its sector is showing signs of stabilization, and that an acceleration in sales growth is still envisaged for the second half of the year.

But the company also points out that this turnaround is materializing later than expected.

In the second quarter, net sales fell by 18% to 4.47 billion euros, with operating income down 8% to 432 million euros.

Earnings per share came in at 0.06 euros, above the consensus of 0.05 euros, but analysts point out that this profit was inflated by an exceptional gain of 150 million euros linked to the end of its contract with AT&T.

Following this publication, Nokia shares listed on Euronext Paris fell by more than 9% on Thursday morning, with investors preferring to steer clear of the stock in anticipation of a clearer upturn in the Group's performance.

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