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Nokia posts surprise Q2 earnings increase ahead of CEO change

by the owl speaks

Finnish telecommunications network equipment manufacturer Nokia announced an significant increase in its underlying profit for the first quarter on Friday, in the midst of the COVID-19 pandemic as its new CEO Pekka Lundmark takes over on Saturday.

Lagging behind its competitors China’s Huawei and Sweden’s Ericsson in 5 G network revenue, Nokia said its underlying earnings increased from a profit of 0.05 euros a year earlier to 0.06 euros per share in April-June, exceeding the 0.03 euros expectation in a Refinitiv survey.

Nokia, who had warned of a poor second quarter as a result of the virus, increased its estimate of underlying earnings per share for 2020 to between 0.2 and 0.3 euros from 0.18 to 0.28 euros earlier.

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