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Nokia (NOK) Suffers a Larger Drop Than the General Market: Key Insights
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In the latest market close, Nokia (NOK - Free Report) reached $3.51, with a -1.68% movement compared to the previous day. The stock fell short of the S&P 500, which registered a loss of 0.5% for the day. At the same time, the Dow added 0.12%, and the tech-heavy Nasdaq lost 1.23%.
The technology company's shares have seen a decrease of 11.19% over the last month, not keeping up with the Computer and Technology sector's loss of 0.1% and the S&P 500's loss of 2.4%.
The investment community will be paying close attention to the earnings performance of Nokia in its upcoming release. The company is slated to reveal its earnings on October 19, 2023. The company is forecasted to report an EPS of $0.09, showcasing a 10% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $6.36 billion, reflecting a 1.05% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.42 per share and a revenue of $26.4 billion, representing changes of -8.7% and +0.92%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Nokia. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, Nokia is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Nokia currently has a Forward P/E ratio of 8.57. Its industry sports an average Forward P/E of 11.67, so one might conclude that Nokia is trading at a discount comparatively.
The Wireless Equipment industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 102, this industry ranks in the top 41% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Nokia (NOK) Suffers a Larger Drop Than the General Market: Key Insights
In the latest market close, Nokia (NOK - Free Report) reached $3.51, with a -1.68% movement compared to the previous day. The stock fell short of the S&P 500, which registered a loss of 0.5% for the day. At the same time, the Dow added 0.12%, and the tech-heavy Nasdaq lost 1.23%.
The technology company's shares have seen a decrease of 11.19% over the last month, not keeping up with the Computer and Technology sector's loss of 0.1% and the S&P 500's loss of 2.4%.
The investment community will be paying close attention to the earnings performance of Nokia in its upcoming release. The company is slated to reveal its earnings on October 19, 2023. The company is forecasted to report an EPS of $0.09, showcasing a 10% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $6.36 billion, reflecting a 1.05% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.42 per share and a revenue of $26.4 billion, representing changes of -8.7% and +0.92%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Nokia. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, Nokia is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Nokia currently has a Forward P/E ratio of 8.57. Its industry sports an average Forward P/E of 11.67, so one might conclude that Nokia is trading at a discount comparatively.
The Wireless Equipment industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 102, this industry ranks in the top 41% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.