Nokia Reports Q4 Earnings Beat

Nokia Oyj NOK declared fourth quarter and full-year results on Thursday.

What Happened: The Finnish telecom network firm reported earnings per share of EUR 0.26 ($0.31) for the full-year 2020 compared with EUR 0.22 ($0.26) for full-year 2019.

See also: How to Buy Nokia (NOK) Stock

For Q4, EPS stood at EUR 0.14 ($ 0.17) compared with EUR 0.15 ($0.18) in the same period last year.

The company’s October-December revenue declined 5% to EUR 6.57 billion ($7.89 billion) on a YoY basis, beating a consensus figure of EUR 6.42 billion ($7.71 billion), according to Refinitiv Eikon data reported by Reuters. 

Why It Matters: Nokia stock in New York has returned over 17% year-to-date, propelled by the r/WallStreetBets community on Reddit, which has also pushed other shorted stocks like GameStop Corp GME, Blackberry Ltd BB, and AMC Entertainment Holdings Inc AMC higher. 

Large option traders made aggressive bets on shares of Nokia on Tuesday as the short squeeze led by the Reddit investors appeared to be winding down at the time.

Nokia shares touched a record high of $9.79 on Jan 27. 

Price Action: Nokia shares closed 3.75% higher at $4.70 on Wednesday and gained 0.21% in the after-hours session.

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