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Summary
- Nokia gained over 90 per cent amid the ongoing frenzy between a reddit community and short-sellers.
- The company issued a statement clarifying it is not aware of development that has led to this rally.
- Nokia stocks rose by more than 68 percent year-to-date.
- This Finland-headquartered consumer electronics giant hopes to see fast growth in 2021.
- Despite stiff competition, Nokia registered consistent growth in the past year
Nokia stocks shot up by over 90 per cent on Wednesday, boosted by ongoing frenzy created by a stock-discussing reddit community against short-sellers. The tech company later issued a statement disclosing that it is not aware of any business “developments” or “material change” that could propel the recent surge in its stock price.
However, the stocks plummeted by 28 per cent on at around 11 am ET on Thursday morning.
Keeping aside this sudden shift in stock prices, Nokia stock has continued on a growth path in the last one-year.
Despite significant odds, Nokia has proved why it is still a market leader in consumer telecommunications systems, be it mobile phones or wireless or fixed line technologies. With persistent efforts, it has made significant breakthroughs in technologies that can cater to the demands for superior connectivity and bandwidth in a constantly evolving technological world.
Here’s a look at how the company performed and technology upgrades that helped it maintain the lead over its rivals in the market.
@Kalkine Image 2021
Nokia Corporation (NYSE: NOK, NOK:US)
This Finland-headquartered multinational telecommunications company is one of the world’s leading players in consumer electronics. It has a market cap of more than US$ 36 billion.
The brand is well-known for its wide array of sleek mobile phones and accessories, but it also has a range of other attractive products as part of its portfolio.
The company also generates revenue from selling hardware and software and wireless and fixed-line services globally.
The company’s stocks were trading at US$ 6.55 on Thursday at the time of writing this, up by more than 20 percent in the last one year.
Despite other big competitors in the market such as Samsung, Apple, Blackberry, and a wide range of Chinese products, Nokia maintained consistent growth over the past year.
In the fiscal quarter, ending Sep 2020, it reported earnings per share (EPS) of US$ 0.06, quarter ending June 0.07, and quarter March 2020 0.01.
The company also forecast a 12-monthly forward PEG ratio of 16.91.
On Wednesday, the company announced a breakthrough in its next-generation IP networks in collaboration with its partner Elisa which will pave the way for a commercial launch. It said the latest innovation would help scale up Elisa’s network to support new applications and technologies.
The increasing demand for bandwidth and connectivity has pushed the capacity of service providers to the limits.
It has also announced to make its C-Band portfolio available from Q1, 2021, to support the US’ 5G network, using the MIMO antenna technology for indoor and outdoor needs.
The company will announce its full-year 2020 and fourth quarter financial report on February 4, 2021.
