ESPOO (dpa-AFX) - Finnish network major Nokia Corp. (NOK) Thursday reported a net profit in its second quarter, compared to prior year's loss, mainly on the absence of prior year's discontinued loss. Profit from continuing operations, meanwhile, plunged from last year, despite higher sales.
Looking ahead for fiscal 2025, the company now expects comparable operating profit between 1.6 billion euros and 2.1 billion euros, adjusted on July 22 from previous outlook of between 1.9 billion euros and 2.4 billion euros.
The company said it expects a stronger second-half performance, particularly in the fourth quarter consistent with normal seasonality.
For the full year, the underlying business is trending largely as expected, but two headwinds to operating profit outlook are outside of the firm's control, such as currency due to the weaker US Dollar, and tariffs.
Justin Hotard, President and CEO, noted that due to these two headwinds, the firm decided it was prudent at this point to lower comparable operating profit outlook.
Further, the Board resolved to distribute a dividend of 0.04 euro per share. The dividend record date is July 29 and the dividend will be paid on August 7.
In the second quarter, profit was 96 million euros or 0.02 euro per share, compared to loss of 142 million euros or 0.03 euro per share a year ago.
On a continuing operations basis, profit fell 78 percent to 83 million euros from last year's 370 million euros.
Comparable profit for the period was 236 million euros, compared to 328 million euros last year. Comparable earnings per share were 0.04 euro, compared to 0.06 euro a year ago.
Net sales grew 2 percent to 4.546 billion euros from prior year's 4.47 billion euros. Comparable net sales increased 2 percent from last year to 4.551 billion euros.
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