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Nokia Misses On Revenue, Beats On Op Profit With Strong FCF; FY Guidance Confirmed

TECHNOLOGY


  • Headline figures are a 6% miss on Revenue (-20% YoY), driven by a 17% miss in Mobile Networks (-39% YoY) and a 3.5% miss in Network Infra (-26% YoY). Comparable Op Profit beat BBG consensus by 5% (+25% YoY) while equity may be happy with EPS of 9c vs. consensus of 7c.
  • Free cash flow of EUR 955mn compares to EUR -149mn in Q123 (on a revised basis as the definition changed), mainly driven by the Op Profit boost. Net cash increased from EUR 4.3bn to EUR 4.3bn.
  • FY guidance reiterated on the back of expectations of a stronger second half.
  • Looks like a bigger revenue miss than for Ericsson and a smaller operating beat (Ericsson saw Q1 results of -14% YoY and +7.5% YoY). EUR spreads muted in early trading with EUR 26s +3bp.
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