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Nokia's quarterly profit beats expectations on 'robust' demand

Nokia's quarterly profit beats expectations on 'robust' demand
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By Reuters
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STOCKHOLM - Nokia on Thursday beat quarterly operating profit expectations and forecast higher 2023 sales as the Finnish telecom equipment maker benefited from 5G roll-out in countries such as India.

"We expect another year of growth in 2023," Chief Executive Pekka Lundmark said on a call with media.

Fourth-quarter comparable operating profit rose to 1.15 billion euros ($1.26 billion) from 908 million last year, beating the 924.6 million euro mean forecast of 10 analysts polled by Refinitiv.

"Looking forward to 2023, while we are mindful of the uncertain economic outlook, demand remains robust," Lundmark said in a statement.

Nokia forecast full-year net sales of between 24.9 billion euros and 26.5 billion euros, which implies between 2% and 8% growth in constant currency. Analysts expect 25.5 billion euros.

Net sales grew 16% to 7.45 billion euros, beating estimates of 7.11 billion.

Apart from growing demand from business customers, the company also got big contracts from Indian telecom operators for the launch of 5G in that country.

"Absolutely, our target is to take market share and I believe that is exactly what is happening right now," Lundmark said on the call.

In contrast, rival Ericsson had reported lower than expected fourth-quarter core earnings citing weak sales of 5G equipment in markets such as the United States.

Lundmark said the constraints on chip supplies had eased.

GRAPHIC - Nokia outperfoms

https://fingfx.thomsonreuters.com/gfx/mkt/mopakjgrlpa/nokia.PNG

($1 = 0.9160 euros)

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