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Why Nokia (NOK) Stock Is Up Today

NEW YORK (TheStreet) -- Nokia (NOK - Get Report) rose Tuesday after the company sold its handset business to Microsoft (MSFT - Get Report), named a new CEO and promised more dividends.

For the first quarter, Nokia reported a net loss of 239 million euros, or $173 million, compared to a loss of 272 million euros in the same period one year earlier. Revenue fell to 2.6 billion euros from 3.1 billion euros, and mobile device sales plunged 30%. This is the last quarter for which the Finnish company would report data on its cellphones unit.

Nokia completed the sale of its devices and services division to Microsoft on April 25.

The company has also named 46-year-old Rajeev Suri as its CEO, effective May 1. Suri was the head of Nokia Solutions and Networks and joined Nokia in 1995. He has received much of the credit for the company's turnaround in its networks division.

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Finally, Nokia has promised dividends again, and Suri outlined the company's plan to continue to grow its networks business, which serves 90 of the world's 100 largest operators. Mapping services for car navigation systems, for which Nokia holds an 80% market share with its HERE maps, will also be a point of focus.

The stock was up 3.41% to $7.27 at 10:34 a.m. on Tuesday.

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NOK Chart

NOK data by YCharts

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NOK $5.76 -1.10%
MSFT $49.87 0.18%
AAPL $94.30 -0.92%
FB $118.08 0.55%
GOOG $695.81 0.50%


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