Nokia published their Q1 2024 financial report

Finnish telecommunications giant Nokia posted today their interim financial report for the first quarter of 2024 (January – March).

In Q1 2024, Nokia had 4.667 billion euro in revenue, which is 20% less compared to Q1 2023. The profit in the same period grew from 289 million euro last year to 438 million in this year’s Q1. When we break down the results in segments, all segments but Nokia Technologies posted lower profits (or extended the loss). What happened in Q1 with Nokia Technologies was that income was recognized from a patent licensing deal that was signed. With this deal, Nokia concluded their smartphone licensing renewal cycle, which means that in upcoming years the department will have a steady flow of cash – until the new cycle and patent licensing negotiations begin.

While Q1 was tough as expected, Nokia expects improvements in upcoming quarter and sees a trend of improving sales, especially in Network Infrastructure. The markets reacted to this report with Nokia’s stock price increasing more than 3% on the NYSE.

You can view the full financial statement here.