Nokia Ended 2024 with Solid Q4 Business Results

Nokia reported solid business results in the final quarter of last year. The vendor booked growth in revenue and profits and is optimistic about 2025.

The company stated that net sales at a constant currency grew 9% year-on-year to €6 billion. The growth was fueled by improvements across almost all of its business groups. It reported a net profit of €813 million after reporting a loss of €33 million in 4Q23 due to several one-off items. Sales from Network Infrastructure grew 17% to €2 billion due to improving demand from CSP customers, mainly in North America.

In terms of growth, Nokia Technologies was the standout, with net sales up 85% to €463 million, driven by smartphone renewals and new growth areas, along with agreements struck during the quarter including multimedia deals with Samsung and HP. Sales from Cloud and Network Services increased 7% to €1.1 billion, though Mobile Networks took the gloss off slightly, falling 2% to €2.4 billion.

The vendor explained sales trends were now stabilizing following a strong performance in India and it saw some commercial momentum, with deals signed with Bharti Airtel and Deutsche Telekom. CEO Pekka Lundmark is bullish about an improvement in market trends going into 2025. He said Nokia expects improved trends in network infrastructure to sustain and drive strong growth while pointing to potential around its 5G core and edge business. On mobile networks, the Nokia boss expects improvement and it currently assumes largely stable net sales. He forecast operating profit between €1.9 billion and €2.4 billion in 2025.