Nokia sees improved 3Q profit, sales on strong demand for 5G
Wireless and fixed-network equipment maker Nokia has reported substantially improved third-quarter profits and higher sales on the back of strong demand for 5G technology from operators
By AP News
Published - Oct 20, 2022, 05:10 AM ET
Last Updated - Jun 24, 2023, 02:07 AM EDT
HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia reported substantially improved third-quarter profits and higher sales Thursday on the back of strong demand for 5G technology from operators.
The company, based in Espoo, Finland, reported net profit of 551 million euros ($539 million) for the July-September period, up 19% from 463 million euros a year earlier. Net income attributable to shareholders was up 21% at 550 million euros from 454 million euros a year earlier.
Nokia’s reported sales were up 16% to 6.2 billion euros.
CEO Pekka Lundmark said the company's third-quarter performance “demonstrates we are delivering on our ambition to accelerate growth.”
