HELSINKI (Reuters) – Finnish telecom network equipment maker Nokia reported better-than-expected fourth-quarter revenue and underlying profits on Thursday, spurred by a strategy overhaul by the CEO new Pekka Lundmark.
Nokia reported that its October-December revenue fell 5% to 6.57 billion euros ($ 7.89 billion), surpassing a consensus figure of 6.42 billion euros, Refinitiv Eikon data showed.
Nokia reported that its base earnings in October-December fell to 0.14 euros per share from 0.15 euros a year ago, beating the 0.11 euro consensus.
Nokia expects revenue of 2021 to fall to between 20.6 billion euros and 21.8 billion euros, from 21.9 billion in 2020, adding that the underlying operating profit margin would be at 7% -10%. It reached a profit margin of 9.7% last year.
Lundmark took over Nokia’s core business in August after incorrect results with the company weakening Swedish rival Ericsson and Chinese group Huawei in the race to win contracts to sell 5G network equipment.
Nokia shares have seen fierce movements over the past two weeks as the stock has been fueled by the retail trading frenzy, along with Gamestop and other tech companies.
Reporting with Tarmo Virki in Helsinki and Supantha Mukherjee in Stockholm; Edited by Tom Hogue and Rashmi Aich