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Nokia’s surprise profit rise fails to salvage 2019 dividend – Source Reuters Tech News

HELSINKI (Reuters) – Cost cuts provided an unexpected boost to Nokia’s (NOKIA.HE) fourth-quarter underlying profit on Thursday, driving its share price to a four-month high, although the Finnish telecom company said it was not ready to propose a dividend.

FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez

Nokia lowered its outlook in October and halted dividend payouts, blaming a need to step up investments in 5G and knocking more than a fifth from its value.

On Thursday, Nokia said its underlying earnings for the quarter ending in December rose to 0.15 euros per share from 0.13 euros per share a year ago, above the 0.13 euros consensus in a Refinitiv poll.

The results sent its shares up 7% in early trade, to the highest level since the October warning, and they were up 3.4% at 1009 GMT.

“There are small steps towards a better future,” Inderes analyst Mikael Rautanen said in a…

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Source Reuters Tech News

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