Finnish telecommunications giant Nokia released this morning their Q3 2022 financial report, that also included financial results for the first 9 months of 2022.
In Q3 2022, Nokia reported a net sales growth of 16% year-on-year. A lot of that is thanks to the strong dollar. The net sales growth in constant currency (when taking the euro-dollar relation out of the picture) was 6%. The sales stood at 6.241 billion euro with an operating profit of 658 million euro looking at the comparable results.
All Nokia’s divisions except Nokia Technologies posted sales growth this quarter. Nokia Technologies posted sales decline as two licenses for patents have expired and not be renewed. Nokia is also in the process of litigation to protect their intellectual property, which increases the cost of doing business.
Nokia’s outlook for full year 2022 remains the same – net sales of 23.9 billion euro to 25.1 billion euro, with an operating margin between 11 and 13.5%. Nokia’s stock on NYSE is down around 8.6% after the release of the report, as analysts expected higher operating profit.