The logo and ticker for Nokia are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid
HELSINKI (Reuters) – Telecom network equipment maker Nokia beat fourth-quarter sales and profit estimate on Thursday and forecast stronger-than-expected 2019 results.
Nokia said its operating profit (non-IFRS) rose 12 percent year-on-year to 1.12 billion euros ($1.29 billion) in the fourth quarter. That came way above analysts’ expectations of 1.056 billion euros in a Reuters poll.
The company has forecast 2019 earnings per share of 0.25-0.29 euros, above analysts’ estimate.
The networks industry – dominated by Nokia, Sweden’s Ericsson and China’s Huawei – has been battered by years of slowing demand since 4G network sales peaked in the middle of the decade. It is now readying for a new cycle of network upgrades, which appears to be kicking in as demand for 5G network rises.
Reporting by Anne Kauranen, Tarmo Virki in Helsinki and Michael Kahn in Prague, Editing by Sherry Jacob-Phillips