Finnish mobile maker firm Nokia disclosed its financial reports for the Q4 and full years of 2021.
The company has been focusing on uplifting its business in the market. Unfortunately, the recent chip shortage has put the company to limit its production, still shrugging off the obstacles to proceed further to reach its destination.
A few months back, Nokia CEO Pekka Lundmark said, “The uncertainty around the global semiconductor market limits our visibility into Q4 and 2022.” This might be the reason to off-limit the company’s resources to face the tough last months of the previous year.
As per the reports from Nokia financial reports, Nokia’s fourth-quarter sales were rough 6.414 billion euros (roughly Rs.54,000 crores) which are ultimately down to 2% Year-on-year, and also did not meet the overall market expectations, overall net profit was 680 million euros, collated with a net loss of 2.696 billion euros in the Q4 of 2020.
The company’s altogether net profit is seemingly less compared to the previous year’s sales as the semiconductor shortage surged to terrify the tech industries. While looking the net sales of throughout 2021 were 22.202 billion euros, a year-on-year increase of 2% net profit was 1.645 billion euros, which can be seen as an unseasoned improvement for the company juxtaposed with a net loss of 2.516 billion euros in the same period last year; according to the report it was observed that Nokia year-on-year increase is gradually increased.
Nokia CEO Pekka Lundmark said, “2021 was a strong year for Nokia driven by our growing technology leadership, robust demand, and a faster than the expected reset of our business. This enabled us to deliver 3% constant currency net sales growth and a comparable operating margin of 12.5%. Thanks to a solid Q4 capping off a strong 2021, we have created an excellent foundation as we begin to move into the next phase of our strategy to deliver growth and expand profitability.”
The company foresees to secure net sales of 22.6-23.8 billion euros in 2022