Nokia sees improved 3Q profit, sales on strong demand for 5G

Oct 19, 2022, 2:09 PM | Updated: Oct 20, 2022, 4:27 am

Prime Minister Justin Trudeau, left, shakes hands with Pekka Lundmark, President and CEO of Nokia f...

Prime Minister Justin Trudeau, left, shakes hands with Pekka Lundmark, President and CEO of Nokia following his remarks at an announcement of plans to turn the company's Ottawa facility into a research and development technology center in Ottawa, Ontario, on Monday, Oct. 17, 2022. (Adrian Wyld/The Canadian Press via AP)

(Adrian Wyld/The Canadian Press via AP)

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.”

“As we start to look beyond 2022, we recognize the increasing macro and geopolitical uncertainty within which we operate,” Lundmark said in a statement. “While it could have an impact on some of our customers’ … spending, we currently expect growth on a constant currency basis in our addressable markets in 2023.”

Nokia is one of the world’s main suppliers of 5G — the latest generation of broadband technology — along with Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung.

“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,” Lundmark said.

The Finnish company recently closed two significant 5G deals with Bharti Airtel and Reliance Jio, two major Indian telecom operators.

Nokia’s largest market area during the quarter was North America, where it generated turnover of 2.3 billion euros ($2.2 billion), followed by Europe and Asia Pacific.

On Monday, Nokia announced it would transform the company’s Canadian headquarters in Ottawa, Ontario, into a research and development center focusing on network technology, AI and cyber security among other things.

The investment, to be realized in cooperation with Canada’s federal, provincial and municipal authorities, is worth more than 340 million Canadian dollars ($248 million) and the facility is expected to be opened in 2026.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Seattle non-profits...

Associated Press

Oregon man convicted of murder in fatal shooting of sheriff’s deputy in Washington state

A jury has convicted an Oregon man of murder in the fatal shooting of a sheriff’s deputy in Washington state.

2 hours ago

Image: Former U.S. President Donald Trump speaks to a crowd during a campaign rally on Monday, Sept...

Associated Press

Judge rules Donald Trump defrauded banks, insurers while building real estate empire

A judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.

16 hours ago

FILE - The Amazon logo is displayed, Sept. 6, 2012, in Santa Monica, Calif. Amazon's profitable clo...

Haleluya Hadero, Associated Press

Amazon sued by FTC and 17 states over allegations it inflates online prices and overcharges sellers

The FTC filed an antitrust lawsuit against Amazon on Tuesday, alleging the e-commerce behemoth uses its position in the marketplace to inflate prices

22 hours ago

KYIV, UKRAINE - 2022/09/03: A man looks at an image generated based on the stories of displaced chi...

Associated Press

Tech companies try to take AI image generators mainstream with better protections against misuse

Artificial intelligence tools that can conjure whimsical artwork or realistic-looking images from written commands started wowing the public last year. But most people don't actually use them at work or home.

1 day ago

Image: Actor David McCallum attends an event for "NCIS" during the 2009 Monte Carlo Television Fest...

Associated Press

David McCallum, star of hit series ‘The Man From U.N.C.L.E.’ and ‘NCIS,’ dies at 90

Actor David McCallum, who was the eccentric medical examiner in the popular "NCIS," has died. He was 90.

2 days ago

FILE - COVID-19 antigen home tests indicating a positive result are photographed in New York, April...

Associated Press

Biden administration announces $600M to produce and distribute COVID tests

The Biden administration announced Wednesday that it is providing $600 million in funding to produce new at-home COVID-19 tests and is restarting a website allowing Americans to again order up to four free tests per household

2 days ago

Sponsored Articles

Swedish Cyberknife...

September is Prostate Cancer Awareness Month

September is a busy month on the sports calendar and also holds a very special designation: Prostate Cancer Awareness Month.

Ziply Fiber...

Dan Miller

The truth about Gigs, Gs and other internet marketing jargon

If you’re confused by internet technologies and marketing jargon, you’re not alone. Here's how you can make an informed decision.

Education families...

Education that meets the needs of students, families

Washington Virtual Academies (WAVA) is a program of Omak School District that is a full-time online public school for students in grades K-12.

Emergency preparedness...

Emergency planning for the worst-case scenario

What would you do if you woke up in the middle of the night and heard an intruder in your kitchen? West Coast Armory North can help.

Innovative Education...

The Power of an Innovative Education

Parents and students in Washington state have the power to reimagine the K-12 educational experience through Insight School of Washington.

Medicare fraud...

If you’re on Medicare, you can help stop fraud!

Fraud costs Medicare an estimated $60 billion each year and ultimately raises the cost of health care for everyone.

Nokia sees improved 3Q profit, sales on strong demand for 5G