Stock Track | Nokia Soars 5.03% in Pre-Market on Q1 Earnings Beat and AI Transformation Progress

Stock Track04-24 16:59

Nokia Oyj's stock soared 5.03% in pre-market trading on Friday, following strong quarterly results and positive developments in its artificial intelligence strategy.

The company reported first-quarter earnings that comprehensively exceeded market expectations, with comparable operating profit jumping 54% year-over-year to 281 million euros. The Network Infrastructure segment, which includes AI data center connectivity, posted 12% sales growth, while optical networking revenue surged 56% to 821 million euros. Sales to AI and cloud customers increased by 49%, with new orders reaching 1 billion euros.

CEO Justin Hotard stated the company achieved a solid start to the year, with performance tracking above the midpoint of its full-year operating profit guidance. The earnings call highlighted an AI-driven upswing, indicating that Nokia's transformation strategy is gaining traction.

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