Market Performance of Nokia and IBM
Investors who had given up on Nokia (NOK) and other similar companies missed out on their significant rally, with Nokia gaining over 60% from its 52-week low.
Last week, Nokia's stock added 9.7% in reaction to its quarterly report, with the market treating it like an AI and cloud services supplier.
Nokia's Quarterly Report
In the third quarter, Nokia's network infrastructure segment delivered 11% in net sales growth, with Optical Networks growing by 19% thanks to AI and Cloud customers,
according to CEO Justin Hotard.
- Network forecasts that its venture fund investments will add EUR 0.1 billion to its operating profit.
- Full-year profit forecast is EUR 1.7 billion to 2.2 billion.
IBM's Performance
IBM (IBM) initially slipped toward its 50-day moving average at below $270 but then jumped by 9.31% on Oct. 24, closing at $307.46, a new 52-week high.
In Q3, IBM posted a 7% revenue growth rate, with
CEO Arvind Krishnastating that clients turned to it as a trusted partner to help them build embedded AI and infrastructure.
Author's summary: Nokia and IBM show significant growth in AI and cloud services.