Nokia Financial Report for Q3 2022 Shows Accelerating Sales Growth

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a writer at Right for Education, Libertist Centre for Education, Qwenu, and Editor at Gamji Press, UDUS.

Nokia recorded a strong quarter growth of about 12% in its mobile networks, with net sales growth accelerated to 6% year to year, declining by 3% in its cloud and network services. This was uncovered in the company’s Financial Report for Q3 2022, published today.

Nokia’s Financial Report Q322 Results

According to the firm, in the third quarter of year, its net sales growth accelerated to 6% year to year in constant currency, while its Mobile Networks grew 12% due to continued strong demand and supply constraints easing. Likewise, its Network Infrastructure continued its performance with 5% growth and robust demand.

However, on the other hand, Nokia received a 3% decline in its Cloud and Network Services. In contrast, it also experienced a similar 19% decline in its Technology sectors, impacted by expired licenses in litigation/pending renewal.

Nokia’s CEO Viewpoint

Speaking on the Q3 2022 Nokia Financial Report, Pekka Lundmark, the President, and CEO, said the company’s third-quarter performance demonstrates their delivering on the ambition to accelerate growth.

“I was pleased to see a strong quarter in Mobile Networks, which grew 12% in constant currency as we benefited from our improved competitiveness and improving supply situation.

Net sales growth remained robust also in Network Infrastructure at 5%, driven by continued strong underlying demand trends, said Pella. Cloud and Networks Services declined 3% as we worked to rebalance the portfolio but with an improving gross margin. Nokia Technologies continued to deliver good progress in its patent licensing growth areas, such as automotive and consumer electronics. These areas, which were negligible in 2018, now contribute over EUR 100 million in net sales in the past 12 months.”

Nokia Partner 30 New Private Wireless Companies

Meanwhile, Nokia further revealed that its Enterprise net sales growth accelerated to 22% in constant currency in reports, adding 30 new private wireless customers in the quarter and a new IP Routing customer in the webscale.

Nokia’s 2023 Foresaw

In all, Pekka Lundmark added that the company expected to grow on a constant currency basis on their addressable markets in 2023, considering their recent success in new 5G deals in regions like India, which are expected to ramp up strongly in 2023,

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

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