Why Shares of Nokia Jumped and IBM Fell
Investors who gave up on Nokia, BlackBerry, Ericsson, or Cisco Systems missed out on their rally.
Nokia gained over 60% from its 52-week low, adding 9.7% last week after its quarterly report.
According to CEO Justin Hotard, the network infrastructure segment delivered 11% in net sales growth, with Optical Networks growing by 19% thanks to AI and Cloud customers.
Network forecasts that its venture fund investments will add EUR 0.1 billion to its operating profit, with a full-year profit forecast of EUR 1.7 billion to 2.2 billion.
IBM slipped toward its 50-day moving average, but jumped 9.31% on Oct. 24, closing at $307.46, a new 52-week high, after posting a 7% revenue growth rate in Q3.
Clients turned to IBM as a trusted partner to help them build embedded AI and infrastructure, said CEO Arvind Krishna.
Author's summary: Nokia and IBM shares reacted to quarterly reports.
- Nokia: 60% gain from 52-week low, 9.7% added last week
- IBM: 7% revenue growth rate in Q3, 9.31% jump on Oct. 24
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