Nokia expects to miss 2023 financial target

RIGA, Dec 31: Finnish telecommunications giant Nokia expects not to achieve its 2023 financial targets due to prolonged licensing renewal talks, which will now continue into 2024.

“The company no longer expects these negotiations to conclude before year-end with resolution now expected to occur in 2024 and therefore benefit Nokia’s financial performance in 2024,” the company said in a statement.

Nokia said it is therefore not in a position to provide preliminary financial results and would report its fourth quarter results and full year 2023 financial results on Jan 25.

Net sales of Nokia’s networks businesses in the 2023 fourth quarter to date are expected to “demonstrate a significant improvement sequentially,” the Finnish company said.

Profitability in Nokia’s networks businesses is expected to remain within the comparable operating margin assumptions the company had previously communicated.