Shares of Finnish telecom technology veteran Nokia (NYSE:NOK) fell as much as 10% on Thursday following the release of unimpressive first-quarter results. By 1:50 p.m. EDT, the stock has climbed back to a 9% loss for the day.
Wall Street's consensus estimates had been calling for earnings near $0.02 per share on sales in the neighborhood of $5.06 billion. Nokia's adjusted bottom line stopped at a loss of $0.02 per share alongside top-line sales of $4.49 billion.
Nokia's management kept a stiff upper lip regarding these disappointing results, holding full-year projections steady and arguing that business should pick up in the second half of 2019. In particular, 5G network orders should start rolling in as the year moves on. The company could even pick up more orders than expected in that arena as telecoms around the world back away from Chinese suppliers due to security concerns.
Nokia's leaders summarized the report this way: "In short, an expectedly weak Q1, but continued reason for optimism as the year progresses."