Nokia reports growth, predicts stronger in 2023

Telecom equipment manufacturer Nokia announced on Friday that it had posted a 16% increase in sales to €7.44 billion and a profit of €929 million in the fourth quarter of 2022. The company also reported a 12% increase in annual sales to €24.91 billion and a profit of €2.48 billion for the entire year of 2022.

According to Nokia, its sales were generated from various regions including Asia Pacific, Europe, China, India, Latin America, Middle East and Africa, North America and submarine business. The company generated €19.91 billion in sales from Communications service providers (CSP), €2 billion from Enterprise, and €1.59 billion from Licensees.

In terms of its quarterly performance, Nokia reported a 20% increase in sales from Network Infrastructure, 7% increase from Mobile Networks, 10% increase from Cloud and Network Services and €679 million from Nokia Technologies during the last quarter of 2022. The strong performance in Asia Pacific was attributed to double-digit growth across Network Infrastructure, Mobile Networks, and Cloud and Network Services.

In Europe, double-digit growth in Network Infrastructure and Mobile Networks was reported, driven by Fixed Networks and Optical Networks. India saw strong growth in Mobile Networks and Network Infrastructure, driven by 5G deployments and Optical Networks, respectively. Latin America saw growth primarily in Network Infrastructure and Mobile Networks. The Middle East and Africa saw growth driven by Cloud and Network Services.

In North America, there was a double-digit decline in constant currency due to lower sales in Mobile Networks, but this was offset by growth in Network Infrastructure and Cloud and Network Services, according to Nokia.