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Nokia posts surprise second-quarter profit rise ahead of CEO change

Lagging behind its rivals China's Huawei and Sweden's Ericsson in 5G network sales, Nokia said its April-June underlying earnings rose to 0.06 euros per share

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Nokia | Ericsson | Nokia results

Reuters  |  Helsinki 

Visitors stand next to a logo of Nokia at Mobile World Congress in Barcelona, Spain
Nokia, which had warned of a weak second quarter due to the virus, upgraded its forecast for 2020.

Finnish telecom network equipment maker reported an unexpected rise in its second-quarter underlying profit on Friday, amid the Covid-19 pandemic as its new chief executive Pekka Lundmark takes over on Saturday.

Lagging behind its rivals China's Huawei and Sweden's in 5G network sales, said its April-June underlying earnings rose to 0.06 euros per share from a profit of 0.05 euros a year ago, beating the 0.03 euros consensus in a Refinitiv poll.

Nokia, which had warned of a weak second quarter due to the virus, upgraded its forecast for 2020 underlying earnings per share to between 0.2 and 0.3 euros from 0.18 to 0.28 euros earlier.

First Published: Fri, July 31 2020. 12:29 IST
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