Nokia Q4 operating profit beats forecasts

STOCKHOLM Nokia reported a quarterly operating profit above market expectations as the Finnish telecom equipment maker benefited from the 5 G roll out in countries such as India and forecast an upbeat 2023.

The fourth quarter operating profit was 1.15 billion euro $1.26 billion from 908 million last year, beating the 924.6 million euro mean forecast of 10 analysts polled by Refinitiv.

Demand remains robust, Chief Executive Pekka Lundmark said in a statement, looking forward to 2023, while we are mindful of the uncertain economic outlook.

Nokia forecast net sales of between 24.9 billion euros and 26.5 billion euros for the year, which implies between 2 per cent and 8 per cent growth in the constant currency. Net sales grew by 16 per cent to 7.45 billion euros, beating estimates of 7.11 billion.

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