Nokia 4Q Profit Beat Forecasts Amid Strong Demand for Networks and Infrastructure
January 26 2023 - 2:26AM
Dow Jones News
By Dominic Chopping
Nokia Corp. on Thursday posted a forecast-beating fourth-quarter
net profit as demand for mobile networks and network infrastructure
remained strong while demand trends remain solid looking into
2023.
The Finnish telecommunications company said its mobile networks
unit delivered 3% growth in the quarter on a constant-currency
basis, while the operating margin declined on year as expected due
to changes in regional mix.
Mobile networks had strong sales growth in India and Europe,
while Latin America and Asia Pacific also grew. North America
declined in the quarter as had been expected, it said.
Comparable net profit for the quarter rose to 931 million euros
($1.02 billion) from EUR727 million a year earlier as sales rose
16% to EUR7.45 billion, it said.
Analysts polled by FactSet had expected comparable net profit of
EUR744 million on sales of EUR7.16 billion.
Nokia said it targets full-year sales of between EUR24.9 billion
and EUR26.5 billion, which implies between 2% and 8% growth in
constant currency. It is guiding for full-year comparable operating
margin at 11.5%-14.0%.
"Looking forward to 2023, while we are mindful of the uncertain
economic outlook, demand remains robust," Chief Executive Pekka
Lundmark said.
"We expect another year of growth."
Nokia proposed a full-year dividend of EUR0.12, up from EUR0.08
in 2021.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
January 26, 2023 02:11 ET (07:11 GMT)
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