Nokia posts surprise fourth-quarter profit rise on cost cuts

HELSINKI (Reuters) – Finnish telecom network equipment maker Nokia (HE:) reported on Thursday a surprising rise in October-December underlying profits, driven by cost cuts.

Nokia reported October-December underlying earnings rose to 0.15 euros per share from 0.13 euros a year ago, beating the 0.13 euros consensus in a Refinitiv poll.

Nokia repeated its forecast for 2020 underlying earnings per share of 0.20 to 0.30 euros.

Nokia cut its outlook in October and halted dividend payouts, blaming it on its need to step up investments in 5G – news that knocked more than a fifth from its value.

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