This article has been reviewed according to Science X's editorial process and policies. Editors have highlighted the following attributes while ensuring the content's credibility:


reputable news agency


Nokia 4Q profit beats expectations on back of robust demand

Credit: CC0 Public Domain

Wireless and fixed-network equipment maker Nokia on Thursday reported strong fourth-quarter results on the back of robust demand for 5G technology and an improved product portfolio.

The Espoo, Finland-based company reported net profit of 929 million euros ($1 billion) for the October-December period, up 27% from 731 million euros a year earlier.

Net income attributable to shareholders was 931 million euros, up from 727 million euros the previous year.

Nokia's sales were up 16% at 7.4 billion euros. The company's performance during the quarter exceeded analyst expectations.

CEO Pekka Lundmark said in a statement that the fourth quarter's highlight was the "stellar" performance of the company's network infrastructure business unit, which recorded 14% "with significant operating margin expansion."

Lundmark said he expected 2023 to be "another year of growth" for Nokia, although he noted that "we are mindful of the uncertain economic outlook."

For full year 2022, Nokia recorded sales of 24.9 billion euros, up 12% from the previous year, with of 2.5 billion euros, an 18% year-on-year increase.

"We said at the start of 2022 that it would be a year of acceleration, and we delivered what we promised," Lundmark said. "The Nokia team did a great job navigating geopolitical, economic and supply challenges, successfully executed our strategy and delivered a strong full-year performance."

Nokia is one of the world's main suppliers of 5G, the latest generation of broadband technology, along with Sweden's Ericsson, China's Huawei and South Korea's Samsung.

Earlier this week, Nokia said it had concluded a multi-year license patent agreement with Samsung that allows the Korean company to use Nokia's technology in its products in exchange for royalties.

Lundmark told reporters Thursday that Nokia has nearly completed its exit from the Russian market, a move that was announced after Russia's February 2022 invasion of Ukraine.

The Finnish company denounced Moscow's action and said it would move its research and development activities out of Russia, where it employed a few thousand people. Nokia said it also would cease sales of its equipment and software in the country.

"We are now at the very last meters in implementing the exit program published last April," Lundmark said. "When our exit has taken place, we won't deliver anything there."

© 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Citation: Nokia 4Q profit beats expectations on back of robust demand (2023, January 26) retrieved 9 June 2023 from
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

Nokia 2Q profit beats expectations on strong 5G demand


Feedback to editors