The financial report of Finnish company Nokia shows that Nokia’s operating profit for the quarter ended December was more than expected. The contract for the deployment 5G networks in India was also awarded to Nokia. Additionally, the company provided an optimistic forecast for 2023.
Operating profit for the 4th quarter of 2022 was €1.15 billion, up 27% from a year earlier, and also higher than the forecasts of analysts from Refinitiv, who expected €924.6 million. For comparison, in the 4th quarter of 2021 Nokia’s operating income was €908 million.We are aware of the economic uncertainty that is predicted for 2023 but demand remains strong.”, — said the CEO of the company Pekka Lundmark (Pekka Lundmark).
The company’s sales for the reporting period showed a quarterly growth of 16% and amounted to €7.45 billion, which is also higher than analysts’ expectations – they predicted €7.11 billion. Revenue increased 16% compared to the same period of 2021. Indicators grew because of high demand from corporate customers and new contracts for 5G network deployments, including from Indian mobile operator,
Nokia has earned 24.9 billion euro in the last year, which is 12% more than the previous year. The operating profit rose by the same percentage to 3.1 billion euro. At the end of 2023, the company expects sales in the range of €24.9 billion to €26.5 billion, which corresponds to an increase of 2% to 8%, subject to stable currency performance. Analysts predict €25.5 billion.