Nokia Corporation Financial Report for Q2 and Half Year 2023

Nokia Corporation Financial Report for Q2 and Half Year 2023

Resilient performance amidst macro uncertainty

• Q2 net sales flat y-o-y in constant currency (-3% reported).
• Enterprise net sales grew 27% y-o-y in constant currency (25% reported).
• Comparable gross margin declined 180bps y-o-y to 38.8% (reported declined 200bps to 38.2%) due to regional mix in Mobile
• Networks, partly offset by a strong Network Infrastructure margin and catch-up net sales in Nokia Technologies.
• Comparable operating margin declined y-o-y by 120bps to 11.0% (reported declined 130bps to 8.3%), due to the above mentioned gross margin factors, partly offset by lower operating expenses and higher other operating income.
• Comparable diluted EPS of EUR 0.07; reported diluted EPS of EUR 0.05.
• Free cash flow negative EUR 0.4bn, net cash balance of EUR 3.7bn.
• As announced on 14 July 2023, Nokia now expects full year 2023 net sales in the range of EUR 23.2 billion to EUR 24.6bn with a comparable operating margin in the range of 11.5% to 13.0%.

Full press release