Nokia’s 16 per cent jump in sales lifts share price as it forecasts a strong year
Nokia today reported a 16 per cent jump in sales for the last quarter, smashing expectations and sending its share price up by nearly six per cent at the open.
In a fourth quarter trading update, Nokia said sales rose 16 per cent from the same period last year to £6.54bn (7.45bn euros), ahead of the predicted £6.24bn (7.11 billion euros). Full year sales were up 12 per cent from 2021.
The Finnish telecoms company defined 2022 as a “solid year of acceleration.”
Pekka Lundmark, Nokia’s chief executive, said the “highlight” for Nokia was their “stellar Network Infrastructure performance”, which contributed to a 14 per cent growth of net sales in constant currency.
For the year ahead, however, Nokia forecast good results for the year ahead, expecting full year sales between £21.8bn to £23.2bn (24.9bn to 26.5bn euros).
“Looking forward to 2023, while we are mindful of the uncertain economic outlook, demand remains robust,” Lundmark said.
“Due to our confidence in our long-term outlook and strong balance sheet position the Board is proposing an increase in the dividend to EUR 0.12 per share,” he said.
Nokia shares were up 5.8 per cent at open, and is currently outperforming Europe’s STOXX 600 telecom index.
Yesterday, Nokia appointed a new chief legal officer, Esa Niinimäki, who has worked in various leadership positions at the company for over 15 years.