Headquarters of Finnish telecoms company Nokia
Lehtikuva/AFP via Getty Images
Nokia Tuesday upgraded its financial guidance for 2021 and estimated that it would have a comparable operating margin this year.
The Finland-based telecoms equipment maker, in its first guidance for 2022, said that the better-than-expected performance came from its venture fund investments, with its underlying business performing as expected last year.
Nokia (ticker: NOKIA.Finland) venture investments notably include funds managed by NGP Capital, formed by the Finnish group in 2005 under the name of Nokia Growth Partners to invest in high-growth companies in areas such as mobility, digital health or connected technologies.
The group’s operating margin came in at between 12.4% and 12.6%, the company said, against the company’s previous estimate of 10%-to-12%. Net sales were around €22.2 billion, within the guidance.
Operating margin in 2022 should be in the 11% to 13.5% range, the group said.
Nokia shares were up 2.4% in European morning trading. The stock is up 72% over the last year.
Write to Pierre Briançon at pierre.briancon@dowjones.com
Source: finance.yahoo.com