A flat start for Nokia's life without handsets - but coffers buoyed by Microsoft nonetheless
Summary: The first set of results since selling its devices and services business to Microsoft show new CEO Rajeev Suri is keeping things on a very even keel.
By Jo Best | July 24, 2014 -- 08:48 GMT (01:48 PDT)
Nokia has turned its first set of results since selling its handset business to Microsoft and, while they're largely flat, Microsoft figures heavily in both Nokia's past and present.
According to its second quarter results released on Thursday, Nokia generated revenue of #$%$2.94bn for the quarter, down around seven percent since last year's #$%$3.16bn for the second quarter. The company made #$%$284m of operating profit for the second quarter, a noticeable jump on the same quarter last year, when the bottom line showed a #$%$12m profit. The figures exclude the now-sold handset business, and cover instead Nokia's remaining businesses.
If we break into 9 today, which we should....this was a strong ER across the board. I don't think the stock will rest in the 9s. I see the stock resting for a while between 10-12 range. If we see strong institution buying and we should, we should fly to the 10s range pretty quickly