Nokia Reports 9% Increase in Q3 Revenue

Nokia reported a 9% increase in comparable operating profit to 454 million euros for the third quarter of 2023, despite an 8% decline in net sales to 4.33 billion euros, largely attributed to weakened demand in India. CEO Pekka Lundmark expressed cautious optimism, noting improvements in gross margins and effective cost-cutting measures, which contributed to a 22% rise in net profit to 358 million euros. While the company anticipates a gradual recovery in sales, Lundmark indicated that the recovery in net sales is slower than expected. Nokia's network infrastructure segment showed signs of growth, with fixed networks and IP networks increasing by 9% and 6%, respectively. The company maintained its full-year outlook for 2024, forecasting operating profits between 2.3 billion euros and 2.9 billion euros. Overall, Nokia's financial results reflect a potential market turnaround amidst ongoing challenges.