The Finnish network company Nokia has reported better-than-expected development in October-December last year "challenging" economic conditions.
The company’s CEO in a press release that summarizes the results for Q4 and the full year 2020 Pekka Lundmark said the company ‘s fourth – quarter figures were stable and that full – year results were at the top of the company’ s previously assessed range.
"This has been a year of incredible change, with personal flexibility and technology being tested like never before," Lundmark wrote.
Nokia’s operating profit (non-IFRS) in October-December decreased by 4 percent from the same period in 2019 to EUR 1.09 billion, and non-IFRS revenue was approximately EUR 6.57 billion.
For the full year 2020, Nokia’s non-IFRS net sales were EUR 21.87 billion compared to EUR 23.34 billion in 2019 and operating profit (non-IFRS) was approximately EUR 2.1 billion.
IFRS refers to International Financial Reporting Standards, which is a standardized way of reporting a company’s financial performance and position so that statements are comparable across international borders.
According to Lundmark, the main goals for the coming year are to complete the transformation program of the Mobile Networks business group and to lay the foundation for improving its profitability.
"Completing the mobile penetration remains our top priority for 2021, and these visible signs of progress give me confidence that we are on the right track, but there is still work to be done." the CEO wrote and added that 2021 is also a challenging transition year.
However, Nokia is ready to invest as much as is needed to achieve market leadership in 5G technology, Lundmark added.
Source: The Nordic Page