In what has to be a slight sigh of relief for investors, Nokia stock (NOK) has passed the $2 mark today closing at $2.02 a share or a 9.78% jump since opening.
That’s up from its low just a week ago of $1.63 and could indicate renewed faith in the struggling smartphone company. From the look of it, most analysts and perhaps now investors think the worst is now behind Nokia. Having hit bottom, the company can only go up (or die trying).
That’s not to say all is healthy. Investors, analysts and even Nokia themselves are still predicting next quarters earnings to continue to be weak. A return to profitability is still at least a few months away, assuming the company has a hit with Windows Phone 8 and carrier deals for their devices.
In related news, the cuts at the company continue and friend of the site and class act Keith Nowak, who handled Nokia’s PR in the US, has unfortunately been let go today. Our best wishes to him in the future. You can read about Keith’s experience with Nokia on his personal blog—it’s a great read.
