About: http://data.cimple.eu/news-article/175dedf5e30e1ff7b0f628da22cffd5fea43f13561cece3ba9b0ae78

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rdf:type	schema:NewsArticle
schema:articleBody	Finnish telecommunications equipment provider Nokia said Friday it had returned to profit in the second quarter and hiked its 2020 forecasts, despite a drop in sales due to the coronavirus pandemic. Net profit came in at 94 million euros ($112 million) compared to a loss of 193 million euros during April-June last year. The result was still far below the analyst consensus of a profit of 142 million euros compiled by Factset. "Nokia delivered a strong improvement in Q2, with better-than-expected profitability, significant improvement in cash generation, clear indications of a return to strength in mobile radio, and a year-on-year increase in earnings-per-share, despite the challenges of COVID-19," outgoing CEO Rajeev Suri, who will leave his post on Saturday, said in a statement. Pekka Lundmark, who until now served as CEO of Finnish energy company Fortum, will take over from Suri. Sales fell by 10.6 percent to 5 billion euros, with Nokia estimating the impact from the coronavirus pandemic at 300 million euros for the second quarter. "We expect that the majority of sales missed in the quarter due to COVID-19 will shift to future periods," said Suri. The company managed to increase its operating margin to 8.3 percent from 7.9 percent one year ago, using a method that is not compliant with international accounting rules. For this year it now aims to increase this measure to 9.5 percent, "plus or minus 1.5 percentage points," compared to an earlier forecast of 9.0 percent, with cash flow now clearly positive. In October 2018, the company announced a 700 million euros cost savings plan, which is still ongoing. Nokia has faced more difficulties than its competitors Huawei and Ericsson in establishing itself in the market for 5G mobile network equipment. It reported signing 83 contracts for 5G network equipment. Sweden's Ericsson said earlier this month it had signed a total of 99 contracts for 5G network equipment. Nokia's shares were up more than 13 percent in early afternoon trading in Helsinki, where the market was up 2.1 percent overall. hdy/jll/rl
schema:headline	Nokia flips back into profit
schema:mentions	Helsinki Ericsson Nokia World energy consumption Huawei Telecommunication Sur Empire Finland Sweden Chief executive officer 5G Pandemic Severe acute respiratory syndrome coronavirus 2 Coronavirus disease 2019 Mobile radio Fortum Rajeev Suri Lundmark (crater) Operating margin FactSet Accounting standard Cash flow Net income JLL (company)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-31 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	60 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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