From the Finnish equivalent of the SEC - Apparently NOK must warn if they exceed guidance +ve or -ve
A profit warning must be issued if the company's profits or financial position shows either a better or a weaker performance than expected or if there is a change in the future prospects of the company. The profit warning thus represents an adjustment of previously disclosed future prospects.
Profit warnings must be disclosed without undue delay, in other words as soon as a change has become likely and the managing director or any member of the board of directors has received notice of it.
Nokia CEO Stephen Elop gave an interview in El Pais magazine in January 2013: “We don’t know when the turnaround will come, but it will.”
So he informed everyone. He has made the disclosure clearly. Who is dumb, needs possibly wait some more hours to discover the meaning...
Actually I do not think it really matters . I think even if Elop fails to warn when it is really that good, it will just be treated as a minor oversight, if it is in the first place. But yes, as a matter of principle. they should give some hint of major progress or failure. Still like we might already assume, it is not a major issue as Nok has long operated on the basis , with the exception of the last quarter, it will not pre-empt the market with any announcement before the earnings.
This from a thread of comments on a Seeking Alpha article on NOK..which is where the Finnish SEC comments came from as well...I suppose they can make the argument that they didn't know how strong sales were until after March was closed which could very well have been a week ago and was so close to earnings that they could legally wait to announce....
"And the pre-announcement does mean something, the lack of such announcement means that Nokia must have stayed withing the earlier guidance. Unless one speculates that they will hit it a home run, but received the financial info so close to official earnings date, that it was OK not to pre-release... "