Nokia 4Q profit beats expectations on back of robust demand

By JARI TANNER
Associated Press

HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia is reporting strong fourth-quarter results on the back of robust demand for 5G technology and an improved product portfolio. The Espoo, Finland-based company reported net profit of 929 million euros ($1 billion) for the October-December period on Thursday, 27% more than a year earlier. Nokia’s sales were up 16% at 7.4 billion euros. The company’s performance during the quarter exceeded analyst expectations. CEO Pekka Lundmark says he expects 2023 to be “another year of growth” for Nokia, though he noted an uncertain global economic outlook. For full year 2022, Nokia recorded sales of 24.9 billion euros and net profit of 2.5 billion euros, an 18% year-on-year increase.