Nokia 3Q Profit Beat Forecasts Amid Strong Demand for Networks and Infrastructure
October 20 2022 - 02:47AM
Dow Jones News
By Dominic Chopping
Nokia Corp. on Thursday posted a forecast-beating third-quarter
net profit as demand for mobile networks and network infrastructure
remained strong and supply-chain constraints eased.
Nokia said it still expects to deliver net sales growth in
mobile networks on a constant-currency basis in 2022 after strong
sales growth in North America during the quarter, while sales in
Europe, Latin America and Greater China also grew.
Comparable net profit for the quarter rose to 550 million euros
($537.6 million) from EUR454 million a year earlier as sales rose
16% to EUR6.24 billion, it said.
Analysts polled by FactSet had expected comparable net profit of
EUR510 million on sales of EUR6.05 billion.
On a reported basis, Nokia posted a net profit of EUR427 million
from EUR342 million a year earlier.
Nokia lifted full-year sales guidance to between EUR23.9 billion
and EUR25.1 billion from EUR23.5 billion and EUR24.7 billion,
adjusted for currency. It still sees the full-year comparable
operating margin at 11%-13.5%.
"While risks around timing of outstanding deals in Nokia
Technologies remain, assuming these close we continue tracking
towards the high-end of our net sales guidance for 2022 and towards
the mid-point of our operating margin guidance," Chief Executive
Pekka Lundmark said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 20, 2022 02:32 ET (06:32 GMT)
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