Nokia Corporation NOK reported healthy second-quarter 2022 results, wherein both the bottom and the top lines beat the Zacks Consensus Estimate.Net IncomeProfit (from continuing operations) in the quarter was €467 million ($497.5 million) or €0.08 (8.5 cents) per share compared with €350 million or €0.06 per share in the prior-year quarter.Comparable profit came in at €585 million ($623.2 million) or €0.10 (11 cents) per share, up from €539 million or €0.09 per share in the year-ago quarter. The improvement reflects an increase in net sales. The bottom line beat the Zacks Consensus Estimate by 1 cent.Nokia Corporation Price, Consensus and EPS Surprise Nokia Corporation price-consensus-eps-surprise-chart | Nokia Corporation QuoteRevenuesOn a constant currency basis, quarterly net sales improved 10.5% year over year to €5,873 million ($6,256.5 million), driven by growth in Mobile Networks and Network Infrastructure. The top line beat the consensus estimate of $6,073 million.Segment ResultsNet sales in Mobile Networks increased 9% year over year to €2,593 million ($2,762.3 million) due to limited impact from Covid-19-related lockdowns in China. The segment’s gross margin fell 70 basis points (bps) to 40.2%. Operating margin was 11.2%, up from 10.5%.Network Infrastructure sales were up 21% year over year to €2,153 million ($2,293.6 million), as the business continued to benefit from strong demand in Fixed Networks and Submarine Networks. Gross margin increased 10 bps to 35.4%. Operating margin was up 240 bps to 11.5%.Cloud and Network Services sales were up by 7% year over year at €753 million ($802.17 million), due to growth in Enterprise Solutions and Cloud and Cognitive services. Gross margin soared 150 bps to 37.2%. Operating margin fell 210 bps to a negative 0.7%.Nokia Technologies sales declined 24% year over year to €305 million ($324.91 million) due to expiry of two licensing agreements that ended in 2021, which are in the process of renewal, along with the expiration of a patent licensing agreement with a company that has exited the smartphone market. Gross margin fell 10 bps to 99.7%. Operating margin declined 1170 bps to 71.1%.Sales in Group Common and Other grew 24% year over year to €77 million ($82.03 million), as Radio Frequency Systems witnessed strong growth in North America. Gross margin was negative 5.2%, down 40 bps.Other DetailsCost of sales increased to €3,512 million from €3,133 million in the prior-year quarter. Gross profit grew 8.4% to €2,361 million. Operating profit was €564 million compared with €484 million a year ago.Cash Flow & LiquidityDuring the second quarter, Nokia used €43 million of cash for operating activities compared with €106 million generated in the year-ago quarter.As of Jun 30, 2022, the company had €5,457 million ($5,702.3 million) in cash and cash equivalents with €4,424 million ($4,622.9 million) of long-term liabilities.OutlookFor 2022, Nokia expects net sales between €23.5 billion and €24.7 billion. Comparable operating margin is estimated to be between 11% and 13.5%. Free cash flow is projected in the 25-55% range of conversion from comparable operating profit.Zacks Rank & Stocks to ConsiderNokia currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Equinor ASA EQNR, sporting a Zacks Rank #1, has a long-term earnings growth expectation of 49.4% and delivered an earnings surprise of 5.8%, on average, in the trailing four quarters. Over the past year, the stock has gained 78.8%.Earnings estimates for the current year have moved up 152.0% since July 2021. Equinor’s primary strategy is to capitalize on the renewable energy space and align its operations with the Paris Climate Agreement.Turning Point Brands, Inc. TPB, sporting a Zacks Rank #1, is another key pick for investors. It delivered an earnings surprise of 34.0% in the previous quarter and a stellar earnings surprise of 23.2%, on average, in the trailing four quarters.Earnings estimates for the current year have moved down by 11.6% since July 2021. Turning Point Brands is focused on manufacturing, marketing and distributing branded consumer products.Liberty Energy Inc. LBRT has a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its current-year earnings has been revised 42.9% upward since July 2021.Liberty Energy recorded a trailing four-quarter negative earnings surprise of 55.1%, on average. It has soared 40.3% in the past two years.Note: €1 = $1.065295 (period average from Apr 1, 2022 to Jun 30, 2022) €1 = $1.044949 (as of Jun 30, 2022) 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nokia Corporation (NOK): Free Stock Analysis Report Turning Point Brands, Inc. (TPB): Free Stock Analysis Report Liberty Energy Inc. (LBRT): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research