Nokia Corporation - Financial Report for Q3 2022

• Q3 net sales growth accelerated to 6% y-o-y in constant currency (+16% reported). By business group:
  
  • Mobile Networks grew 12%, due to continued strong demand and supply constraints easing.
  • Network Infrastructure continued its strong performance with 5% growth and robust demand.
  • Cloud and Network Services declined 3% as we continued to rebalance our portfolio.
  • Nokia Technologies declined 19%, still impacted by expired licenses that are in litigation/pending renewal.
• Enterprise net sales grew 22% y-o-y in constant currency (+32% reported) with notable strength in private wireless.
• Reported gross margin declined 60bps y-o-y to 40.1% and operating margin declined 100bps y-o-y to 8.3% mainly due to the decline in Nokia Technologies.
• Comparable operating margin of 10.5% compressed 120bps y-o-y mainly due to the decline in Nokia Technologies. Operating margins in both Mobile Networks (+250bps) and Network Infrastructure (+50bps) improved.
• Comparable diluted EPS of EUR 0.10; reported diluted EPS of EUR 0.08.
• Free cash flow positive EUR 0.3bn, net cash balance of EUR 4.7bn.
• Full year 2022 net sales outlook is unchanged in constant currency. Full year net sales outlook applying 30 Sept 2022 exchange rates is EUR 23.9bn to EUR 25.1bn. Comparable operating margin guidance remains 11% to 13.5%.

Full press release