Nokia Slips To Loss In Q2 - Quick Facts

(RTTNews) - Finnish network company Nokia (NOK) reported that its second quarter loss attributable to equity holders of the parent was 146 million euros or 0.03 euros per share compared to net income of 290 million euros or 0.05 euros per share in the same quarter last year. The latest-quarter results impacted by non-cash impairment charge of 514 million euros related to Submarine Networks, presented as discontinued operation.

Comparable attributable to equity holders of the parent for the second quarter decreased to 325 million euros or 0.06 euros per share from 410 million euros or 0.07 euros per share in the previous year.

Quarterly net sales also declined to 4.47 billion euros from 5.44 billion euros in the prior year. Net sales decreased 18% on both a reported and a constant currency basis primarily due to strong year-ago quarter in India.

Looking ahead for fiscal year 2024, the company is currently tracking towards the mid-point or slightly below the mid-point of its comparable operating profit guidance of 2.3 billion euros to 2.9 billion euros and towards the higher-end of its free cash flow conversion guidance of 30% to 60%.

For fiscal 2026, the company still projects net sales to grow faster than the market, and comparable operating margin to be greater than equal to 13 percent.

Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.

The Board resolved to distribute a dividend of 0.03 euros per share. The dividend record date is 23 July 2024 and the dividend will be paid on 1 August 2024.

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