Nokia sees stronger second half after second-quarter miss
"Considering these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook," Hotard said in a statement.
Nokia also confirmed the preliminary figures for the second quarter, which had missed market expectations on Tuesday.
Its operating profit, which excludes certain charges and asset revaluations to make it comparable with last year's results, fell 29 per cent to 301 million euros ($354.34 million) in the quarter, while revenue grew marginally to 4.55 billion euros.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
CoreWeave shares drop as growing losses eclipse AI demand surge
CoreWeave shares sank 10 per cent in premarket trading on Wednesday after the Nvidia-backed company posted a bigger-than-expected loss, raising doubts about its ability to keep costs under check amid robust AI demand. Its results underscore the tension between its rapid revenue growth and mounting financial strain as operating expenses jumped nearly fourfold to $1.19 billion in the second quarter. Analysts have turned skeptical of CoreWeave's excessive dependence on certain customers and its ability to grow profitably due to widening losses, heavy capital needs and deteriorating debt coverage. The company on Tuesday posted a net loss of $290.5 million, compared with analysts' average estimate of $190.6 million, according to data compiled by LSEG. "CoreWeave does not currently generate enough profit to pay all its debt holders, certainly not equity holders," D.A. Davidson analysts said. The company had around $8 billion in debt as of last year and had said in March that it would use about $1 billion of the IPO proceeds to repay debt. CEO Michael Intrator said the company is scaling rapidly to meet "unprecedented demand for AI", but noted that "accessing power shells capable of delivering the scale of infrastructure our clients require" remains the biggest constraint. "This continues to be a business that is not worth scaling," D.A. Davidson analysts said. CoreWeave operates 33 AI data centers in the U.S. and Europe, offering access to backer Nvidia's GPUs, which are highly sought after for training and running large AI models. Surging demand for its AI infrastructure helped the company top quarterly revenue estimates. Its stock price has jumped nearly three-fold since its IPO in March. Investors will seek clarity on the lock-up period related to the company's IPO, which could expire later this week compared to the typical six-month time frame. Sometimes, a stock is pressured when the lock-up ceases.
Business Times
2 hours ago
- Business Times
Temasek-backed ST Telemedia is said to consider selling stake in data centre operator GDS: sources
[SINGAPORE] ST Telemedia (STT) is considering selling its holding in Chinese data centre operator GDS Holdings, people familiar with the situation said. The company, backed by Singapore state investor Temasek Holdings, holds almost 34 per cent of GDS' Class A shares, representing about 20 per cent of aggregate voting power, the latest GDS annual report shows. ST Telemedia is sounding out interest from potential buyers for the entire stake, the people said, asking not to be identified as the deliberations are private. Data centres are in strong demand globally, thanks in large part to the artificial intelligence boom. That has reflected in the share price of GDS, which is up almost 60 per cent in Hong Kong this year and more than 220 per cent over the past 12 months. The company has a market value of around US$7.4 billion. The rally in GDS, which also has American depositary receipts, could make it harder for ST Telemedia to find a buyer for its stake, the people said, adding that it may offload the holding in blocks. The company may also decide not to sell, they said, noting that deliberations are at an early stage. ST Telemedia declined to comment. GDS did not respond to requests for comment. Singapore-headquartered ST Telemedia invests in communications, media, data centres and infrastructure technology businesses. ST Telemedia also owns one of Asia's largest data centre operators, ST Telemedia Global Data Centres. Bloomberg News reported in July that KKR is in talks about potentially buying STT GDC in a deal that could value the firm at more than US$5 billion. Meanwhile, GDS has a presence beyond mainland China with a stake in DayOne Data Centers Singapore Pte, which runs facilities in Hong Kong, Tokyo and South-east Asia. DayOne is considering an initial public offering in the US, Bloomberg reported in February. GDS posted revenue of US$375 million for the quarter through March, with net income of US$105 million, reversing a US$48 million loss a year earlier. BLOOMBERG
CNA
2 hours ago
- CNA
IEA raises 2025 oil supply forecast after OPEC+ output hike decision
LONDON :The International Energy Agency on Wednesday raised its forecast for oil supply growth this year following OPEC+'s decision to hike production and lowered its demand forecast due to lacklustre demand across the major economies. The IEA expects world oil supply to rise by 2.5 million barrels per day (bpd) in 2025, up from 2.1 million bpd previously forecast, it said in its latest oil market report.
