(Reuters) – Finnish telecom network equipment maker Nokia on Thursday reported a surprise rise in second-quarter profit, citing higher demand, while maintaining its 2019 profit outlook.
Nokia reported April-June underlying earnings per share of 0.05 euros, compared with an average forecast of 0.03 euros in a Refinitiv poll.
The company said its second-quarter revenue rose 7% from a year ago to 5.69 billion euros ($6.34 billion), boosted by growth in North America.
The equipment maker’s quarterly revenue beat analysts’ average forecast of 5.43 billion euros.
The telecom network industry has faced slowing demand since 4G network sales peaked in the middle of the decade, but a new cycle of network upgrades appear to be kicking in as demand for 5G technology increases.
Nokia maintained its forecasts of full-year earnings per share at 0.25-0.29 euros, and 2020 EPS of 0.37-0.42 euros. Analysts’ average forecast stands at 0.23 euros for 2019 and 0.36 euros for 2020, according…
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