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Nokia Corporation Interim Report for Q3 2023

24.10.2023 14:38

Outlook maintained despite weak operator spending weighing on Q3

  • Q3 net sales declined 15% y-o-y in constant currency (-20% reported) as macroeconomic uncertainty and higher interest rates continue to pressure operator spending.
  • Enterprise net sales grew 5% y-o-y in constant currency (flat reported).
  • Comparable gross margin declined 120bps y-o-y to 39.2% (reported declined 140bps to 38.7%) due mainly to regional mix in Mobile Networks. Sequentially Mobile Networks gross margin improved 140bps due to favorable regional mix.
  • Comparable operating margin declined y-o-y by 200bps to 8.5% (reported declined 350bps to 4.8%) , demonstrating the resilience of our profitability relative to the net sales decline.
  • Comparable diluted EPS of EUR 0.05; reported diluted EPS of EUR 0.02.
  • Free cash flow negative EUR 0.4bn, net cash balance EUR 3.0bn, working capital headwinds expected to ease starting Q4.
  • Announces acceleration in strategy execution giving increased operational autonomy to business groups. Operating model change to embed sales teams into business groups. Target EUR 800 to 1 200 million gross cost savings by 2026.
  • Nokia continues to expect full year 2023 net sales in the range of EUR 23.2 to 24.6 billion with a comparable operating margin in the range of 11.5% to 13.0% assuming closure of outstanding deals in Nokia Technologies.

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