Network equipment maker Nokia revised up its 2021 outlook on Thursday as it posted an almost four-fold increase in profits for the second quarter. The Finnish telecoms giant announced a net profit of 344 million euros for April-June ($408), up from 94 million one year previously.
A 4.3 percent increase in turnover to 5.3 billion euros outstripping analysts’ expectations of 5.15 billion according to Factset. Considering our robust start to 2021, we are revising upwards our full year outlook,” CEO Pekka Lundmark said in a statement, adding “We have executed faster than planned on our strategy in the first half.”
Nokia’s expectations for 2021 comparable operating margin will increase to 10-12 percent, up from 7-10 percent, while full-year net sales will be adjusted upwards by almost a billion euros to 21.7-22.7 billion.
Thursday’s results come one year after Lundmark took the helm promising to turn around the fortunes of the group which was flagging in the tough three-way race to dominate the 5G infrastructure market, against Sweden’s Ericsson and China’s Huawei.
Lundmark’s restructuring programme has involved streamlining Nokia’s structure and announcing the loss of up to 10,000 jobs worldwide within two years, up to 11 percent of the workforce.
In other news – Actor Khaya Dladla Blesses Himself With A Brand-new BMW
Congratulations are in order for the House Of Zwide star Khaya Dladla. The actor has bought himself a brand new BMW. He shared stunning pictures of his brand new whip on his Instagram stories.
Khaya gave his fans a sneak peek inside his day as he flew to Durban to get his luxurious car. He shared a series of clips at OR Tambo Airport and another at King Shaka International Airport as his uber fetched him. Learn more
Source: reuters
