Finnish telecommunication giant Nokia released this morning their financial report for the second quarter of 2023 (Q2 2023). Nokia earlier reported about the weaker demand for telco equipment, especially in the high margin North America markets, and that is reflected in Q2 results.
The comparable revenue declined 3% to 5.7 billion euro in Q2 2023, with operating profit going down 12% from 714 million euro in Q2 2022 to 626 million euro in Q2 2023. The operating was 11% and is described as solid by Nokia’s CEO Pekka Lundmark.
Looking beyond 2023, Nokia’s CEO believes the situation with Network Infrastructure will improve as there is a lot of potential on the market for operators to upgrade to 5G networks. One of highlights of the quarter was also renewing the patent licensing agreement with Apple.
In Q2 2023 we delivered stable net sales in constant currency compared to the previous year and resilient margins, supported by continued good cost management.
“Finally, given the strength of our balance sheet and EUR 3.7 billion net cash position I’m confident we have a firm foundation from which to navigate this period of uncertainty. I would like to thank all the Nokia employees for their hard work, cost focus and continued commitment,” concluded Nokia’s CEO Pekka Lundmark.
More details about the financial results can be found in the full report here (PDF).