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06.02.2020

Nokia profit more than doubles

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The board would not propose a dividend for 2019 however

Stocks impacted: Nokia Corp. (NOKIA)

The telecom network equipment maker revealed its fourth-quarter financial results that surprised investors to the upside. Profit for the quarter more than doubled to 563 million euros from 203 million euros in the previous-year quarter. Reported earnings per share increased to 0.10 euros from 0.03 euros in the prior-year period. October-December underlying earnings rose to 0.15 euros per share from 0.13 euros per share a year ago, beating the 0.13 euros consensus. On the negative side, Nokia said its board would not propose a dividend for 2019 while analysts were expecting a dividend of 0.11 euros. As a reminder, the company cut its outlook in October and halted dividend payouts, blaming it on its need to step up investments in 5G.

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