Nokia Delivers First Quarterly Results Since Microsoft Purchase and 2 Other Hot Stocks to Watch
Nokia Corp. (NYSE:NOK): Current price $7.609
Nokia shares are nearing a new 52-week high Wednesday after the corporation posted third-quarter revenue of 5.7 billion euros, barely missing the consensus 5.9 billion euros but delivering a 1 euro cent profit per share, surpassing expectations of a 1 euro cent loss. Sales dropped by 22 percent year over year and 1 percent from the prior quarter. This marked Nokia’s first report since it announced last month that Microsoft Corp. (NASDAQ:MSFT) will purchase its handset business for $7 billion. Sales in the handset group jumped by 6 percent from last quarter on a 19 percent rise in unit sales of smartphones, to 8.8 million units, which is primarily attributed to the Lumia line that runs Microsoft’s Windows Phone operating system.