Nokia Corporation - Financial Report for Q3 2021

• Constant currency sales growth of 2% constrained by expected supply chain and Mobile Networks North America headwinds
• Strong sales growth in Network Infrastructure (+6% y-o-y constant currency) and Cloud & Network Services (+12%)
• Comparable gross margin of 40.8% (reported 40.7%), reflecting continued strong execution across the business
• Mobile Networks comparable gross margin of 37.8% (+220 bps y-o-y) showed better cost competitiveness
• Comparable operating margin of 11.7% (reported 9.3%), new operating model bringing strong financial accountability
• Comparable diluted EPS of EUR 0.08; reported diluted EPS of EUR 0.06
• Strong free cash flow generation of €0.7bn
• Launched new FP5 IP routing silicon which sets new industry benchmarks particularly on power efficiency
• Continuing to manage supply chain constraints but challenges are increasing into Q4
• Reiterating our full year guidance for net sales of €21.7bn – 22.7bn and comparable operating margin of 10-12% and now expect to be towards upper-end of the margin range considering continued strong performance

Full press release (ENG)