- Nokia (NYSE:NOK) is set to enhance digital connectivity across Europe and North Africa with the Medusa subsea cable system.
- The project employs Nokia’s advanced technology to support the rollout of 5G and meet increasing bandwidth demands.
- Despite a slight miss in earnings per share, Nokia’s revenue exceeds estimates, indicating strong financial performance.
Nokia (NYSE:NOK) is a global leader in telecommunications, known for its innovative solutions in network infrastructure and technology. The company is now set to power the Medusa subsea cable system, a major project aimed at boosting connectivity across Europe and North Africa. This open-access network, owned by AFR-IX Telecom, will link the Atlantic coast, Mediterranean Sea, and the Red Sea, enhancing digital connectivity in countries like Morocco, Tunisia, Libya, Algeria, and Egypt.
The Medusa cable system will employ Nokia’s 1830 Global Express platform and ICE7 coherent optics, which can transmit tens of terabits per second per fiber pair. This technology will provide high-capacity, low-latency connectivity, supporting the rollout of 5G, expanding cloud infrastructure, and meeting the increasing bandwidth demands of AI and future technologies. Despite a recent earnings report where Nokia’s earnings per share of $0.05 fell short of the estimated $0.07, the company generated revenue of approximately $5.35 billion, surpassing the estimated $4.72 billion.
Miguel Angel Acero, CTO and Founder of Medusa, highlighted the project’s role in creating a more connected and inclusive digital future, offering faster and more reliable connectivity at a lower cost. John Harrington, SVP & Head of NI Europe, MEA & APAC Sales at Nokia, expressed pride in supporting this transformative project. This initiative is a significant step towards closing the digital divide and fostering economic growth and innovation in the region.
Nokia’s current stock price on the NYSE is $4.18, reflecting a decrease of approximately 2% with a change of $0.085. The stock has fluctuated between a low of $4.14 and a high of $4.20 during the trading day. Over the past year, Nokia’s stock has reached a high of $5.48 and a low of $3.70. The company’s market capitalization is approximately $22.46 billion, with a trading volume of 22.27 million shares. Despite the recent dip in stock price, Nokia’s involvement in the Medusa project positions it well for future growth.
