HELSINKI/STOCKHOLM :Nokia on Thursday beat quarterly operating profit expectations and forecast higher 2023 sales as the Finnish telecom equipment maker said it had been able to gain market share, benefitting from 5G roll-out in countries such as India.
Ericsson had reported lower than expected fourth-quarter core earnings and said it expected a fall in margin in its Networks business to persist through the first half of 2023, citing weak sales of 5G equipment in markets such as the United States. He added Nokia had also managed to diversify its customer base from network service providers to industrial customers who set up their own private 5G networks at power plants, utilities and mines among others.
Nokia's fourth-quarter comparable operating profit rose to 1.15 billion euros from 908 million last year, beating the 924.6 million euro mean forecast of 10 analysts polled by Refinitiv.