Nokia : Q2 should mark a real improvement, but full-year forecasts revised down to the low end of the range - Buy reiterated
>We anticipate a significant improvement in Q2 results after a very disappointing Q1 - Nokia is due to publish Q2 2019 results on 25 July. After a particularly disappointing Q1 2019 performance (which had been expected), with sales down -2% at constant forex (networks at 0% after +6% in Q4) and an extremely low gross margin (which had not been anticipated) at 31.4% (vs 39.4% in Q1 19), we expect a significant improvement in Q2 2019. A share of the Q1 2019 underperform...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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