Nokia Had Double-Digit Growth in Revenue and Profit in 3Q22

During the third quarter of 2022, Nokia improved its revenue and profit on a yearly basis. The Finnish vendor said it expects the full-year results to be at the high end of its guidance.

Net sales in the period rose 16% YoY to €6.24 billion pushed by the rise in two key business groups. The mobile networks group's revenue jumped 12% to €2.85 billion, while the network infrastructure group saw a 5% rise to €2.21 billion. Quarterly profit was €551 million, 19% better compared with the same period in 2021.

In its earnings release, Nokia CEO Pekka Lundmark noted it is tracking toward the high end of its full-year sales guidance of €23.9 billion to €25.1 billion, assuming several outstanding licensing deals close. “Our third quarter performance demonstrates we are delivering on our ambition to accelerate growth,“ Lundmark said.

While macro and geopolitical uncertainty could have an impact on some customers’ CAPEX, Nokia expects growth in 2023. “Considering our recent success in new 5G deals in regions like India which are expected to ramp up strongly in 2023, we believe we are firmly on a path to outperform the market and to make progress towards achieving our long-term margin targets,“ added Lundmark.