Nokia released Q1 2023 financial results
This morning, Nokia released their financial results for the first quarter of 2023. The company missed the earnings estimate as it sees signs of the economic environment impacting customer spending.
In Q1 2023, Nokia’s revenue was 5.859 billion euro, representing a year-on-year increase of 10%. The comparable operation profit fell from 583 million euro in previous year’s first quarter to 479 million euro last quarter. Part of the profit decline, besides the regional mix and slowdown in customer spending, is also Nokia Technologies that had a lower contribution to Nokia’s finances this quarter and a negative impact from venture fund investments.
Nokia’s stock price declined 4.8% on the Helsinki Stock Exchange this morning, after the financial statement was published.