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- Nokia has repurchased the treasury share on 31st October 2022.
- Company’s quarterly earnings have exceeded the estimates.
- NOK stock was trading at a market price of $4.47 at the publication time.
Nokia Buyback Program Increases Treasury Shares
There’s barely any person left on the earth who has not heard the name of Nokia. The company has not only managed to establish themselves among the biggest and most popular mobile phone brands globally, but has a strong position in the IT industry too. Recently, the company initiated a buyback of the treasury shares on 31st October 2021. NOK stock has caught many eyes considering their stable price in the market.
The organization repurchased 492,000 shares in the transaction at a weighted average of 4.47. Company announced phase 1 of the buyback program in February 2022 ending December 2022. The transaction cost executed last month equates to $21.6 Million. Currently they hold 93,369,026 treasury shares at the time of writing.
Nokia Corporation’s expectations regarding their 3rd quarter earnings surpassed their estimate. The company generated $6.14 Billion against forecasted $6.03 Billion. The earnings crossed the estimates during the Q2 2022 too when the organization made $5.99 Billion in revenue. Analysts expect the organization to generate $7.12 Billion during the final quarter of the year.
NOK Stock Price Action
The NOK stock price has stayed into the consolidation phase since last year. The share has maintained a resistance of $6 and support levels of $3.5 throughout the year. Neither the bulls nor any bears had any significant influence on the shares during the period.
Though experts are bullish on the future of the share value. They believe that the price can move up to $8 mark in a year. At the time of writing, NOK stock price was trading at the market price of $4.42. The company witnessed their all-time high on 27th January 2022, when the stock traded at $9.79.
Nokia was founded in 1865, and is currently one of the biggest organizations on the globe, serving as an IT and consumer electronics platform. The company has partnered with Google Cloud services to bring cloud solutions and Nokia’s telecom expertise together to offer the best user experience.
Nokia competitors remain Google, Samsung, Apple and more. The company had a lion’s share (62.5%) in the market during its “Symbian Era” in 2007, more than Microsoft Windows Phone (11.9%) and Blackberry (10.9%) combined. But the company saw a downfall the next year and shed over 20% of their market share. The world saw the rise of android and iOS devices after this great fall.
Nokia had to join forces with Microsoft after the fall of Symbian to integrate Windows OS on their mobile devices. Eventually their collaborators came as a knight in shining armor to save the day for them.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
