Nokia Corporation's (NYSE: NOK) shares surged in early trade in Helsinki on Thursday, as the company posted better-than-expected numbers for the fourth quarter.
What Happened
The Finnish telecom equipment maker reported earnings of 16 cents (EUR 0.15) per share, up 15.3% compared to the similar quarter last year. Analysts polled by Bloomberg and Refinitiv had estimated the investors to comparable net earnings per share as last year.
Nokia reported a quarterly profit of $1.24 billion, up 1% year-on-year, and beating analyst estimates by 3.67%.
EPS for the financial year 2019 came at 24 cents and operating profit at $2.2 billion.
Why It Matters
The upbeat earnings came as a surprise as Nokia downgraded its outlook for the quarter in October.
The …
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