Nokia Corporation NOK reported impressive fourth-quarter 2019 results, wherein the bottom line and the top line surpassed the respective Zacks Consensus Estimate, and increased year over year.
In 2019, the company saw good progress in its focus areas of enterprise and software. Nokia Enterprise delivered well on its target of double-digit sales growth. Nokia Software showed its long-term promise, with profitability expansion compared to 2018. IP Routing continued its remarkable momentum, gaining significant share and increasing profitability in a difficult market, and Nokia Technologies continued to generate robust profitability.
Net Income
Reported profit for the December quarter was €563 million or €0.10 per share compared with €203 million or €0.03 per share in the year-ago quarter. The improvement was mainly driven by progress related to Nokia’s cost savings program, lower transaction and integration costs, a net positive fluctuation in financial income and expenses, lower income taxes and a net positive fluctuation in other income and expenses. However, the momentum was partly offset by lower gross profit due to its business performance. For 2019, profit was €18 million against loss of €549 million in 2018.
Quarterly non-IFRS profit came in at €821 million ($908.9 million) or €0.15 (17 cents) per share compared with €741 million or €0.13 per share in the prior-year quarter. This reflects progress in cost savings, which resulted in lower operating expenses across Networks, Nokia Software and Nokia Technologies. The bottom line surpassed the Zacks Consensus Estimate by 4 cents.
In 2019, the company saw good progress in its focus areas of enterprise and software. Nokia Enterprise delivered well on its target of double-digit sales growth. Nokia Software showed its long-term promise, with profitability expansion compared to 2018. IP Routing continued its remarkable momentum, gaining significant share and increasing profitability in a difficult market, and Nokia Technologies continued to generate robust profitability.
Net Income
Reported profit for the December quarter was €563 million or €0.10 per share compared with €203 million or €0.03 per share in the year-ago quarter. The improvement was mainly driven by progress related to Nokia’s cost savings program, lower transaction and integration costs, a net positive fluctuation in financial income and expenses, lower income taxes and a net positive fluctuation in other income and expenses. However, the momentum was partly offset by lower gross profit due to its business performance. For 2019, profit was €18 million against loss of €549 million in 2018.
Quarterly non-IFRS profit came in at €821 million ($908.9 million) or €0.15 (17 cents) per share compared with €741 million or €0.13 per share in the prior-year quarter. This reflects progress in cost savings, which resulted in lower operating expenses across Networks, Nokia Software and Nokia Technologies. The bottom line surpassed the Zacks Consensus Estimate by 4 cents.
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