Nokia (NOK) is higher Thursday after Verizon announced that it will be working with Associated British Ports in delivering private 5G at the Port of Southampton. Shares of Nokia were higher 1.64 % to $4.02 a share Thursday morning.
Why Nokia (NOK) Stock Is Up Thursday
Nokia stock rose after Verizon said it will be partnering with the company to help deliver Verizon's private 5G platform to one of the United Kingdom’s busiest ports with a secure, low-latency private network connection. The Port of Southampton is a major conduit in supply chains serving businesses and manufacturers throughout Britain. It also happens to be the UK’s number one port for cars and cruises, handling approximately 900,000 cars and welcoming millions of cruise passengers annually.
Brian Fitzgerald, senior vice president of the Verizon business group at Nokia, said “The 5G opportunity will be fully realized with Industry 4.0 as spectrum opens up and private 5G networks go into operation at industrial sites around the world. We are committed to enabling our Verizon to expand its 5G global footprint with enterprise customers such as ABP; by providing unprecedented levels of support to drive success for private 5G as well as delivering the highest levels of performance, resilience and security required by its customers."
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Nokia is a leading vendor in the telecommunications equipment industry. The company's network business derives revenue from selling wireless and fixed-line hardware, software, and services. Nokia's technology segment licenses its patent portfolio to handset manufacturers and makes royalties from Nokia-branded cellphones. The company, headquartered in Espoo, Finland, operates on a global scale, with most of its revenue from communication service providers.
