Shares of Nokia climbed 13% on Thursday after the Finnish telecom equpipment maker reported a “strong start” to the year and forecast-beating results. First-quarter revenue climbed 3% to €5.08 billion ($6.2 billion), beating expectations from analysts polled by FactSet for sales of €4.75 billion. Nokia reported a comparable net profit of €373 million, beating expectations of €90 million. Nokia expects full-year net sales to come in between €20.6 billion to €21.8 billion, and backed guidance for both 2021 and 2023. “The solid first quarter provides a good foundation for achieving the higher end of the 7% to 10% comparable operating margin range,” said Pekka Lundmark, president and chief executive officer of Nokia, in the earnings release. “We expect our typical quarterly earnings seasonality to be less pronounced in 2021, and we continue to monitor overall market developments including visibility for semiconductor availability.” He said Nokia has continued to deliver to customers despite the global semiconductor shortage.
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