Leaner Nokia sees share price rise as it beats market expectations

Billy Ehrenberg
Follow Billy
Nokia has surprised the market by announcing better than expected second quarter results (Source: Getty)

Nokia has surprised the market by posting better than expected second quarter results, just days after announcing half of its staff would lose their jobs.

The Finnish company was recently bought by Microsoft, who announced plans to cut half of the staff from Nokia's mobile phone division.

Investors were impressed by a leaner operation, shown by an increase in operating margin from 7.7 to 11 per cent of sales reflected in an operating profit of €281m.

The impact of the positive results was to push Nokia's shares on the New York Stock Exchange up 7.7 per cent at pixel time. Shares listed in Helsinki were up as much as eight percent, trading at €6.23.

Shares in the company have been much boosted over the last year, ever since Microsoft agreed to buy the ailing giant for £4.6bn in early September 2013.

Related articles