Margins Hamper Nokia's 1Q, but 2019 and 2020 Guidance Reaffirmed; Dropping FVE to $7.20
No-moat Nokia's 2% year-over-year revenue growth in the first quarter beat our expectations, but myriad issues weighed on its margins. Gross and operating margins came in significantly lower than our forecast as Nokia pointed to the cost of 5G trials, competitive intensity, operational execution, product mix issues, and services cost overruns. The quarter was fraught with issues, but management reaffirmed its 2019 and 2020 guidance and expects to perform extraordinarily in the back half of 2019....Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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