Nokia posts largest seven-day gain in 20 years
Although Nokia has been somewhat struggling recently with falling revenue, it appears that Nokia has posted their biggest 7-day gain in almost twenty years in Helsinki following shares purchased by top managers and stronger sales of Nokia’s flagship smartphone.
According to a report over on Bloomberg, Nokia stock extended its 7-day gain to 46 percent, as stock surged 6.2 percent to â‚¬2.07, which is the biggest increase since way back in 1992. Since July the 18th, the day before Nokia reported sales of their Lumia series of smartphones, which beat analyst estimates, Nokia rose 51 percent.
Nokia’s Stephen Elop bets on the Nokia Lumia to halt market share gains by the iPhone and Android smartphones, with Nokia stating this month sales of Lumia devices have increased to 4 million in Q2 up from 2 million the previous quarter.
AlphaValue analyst Jean-Michel Salvador has said that perhaps this could be the recovery of Nokia, and that there is hope that sales might continue to grow with the release of the Windows Phone.
Apparently several Nokia directors along with Elop purchased in excess of $1 million of Nokia shares to show their commitment to the company and their confidence in the future of the firm, although Nokia as it tries to offset declining revenue has shuttered research sites and production along with announcing in excess of 20,000 job cuts.