From Nasdaq:

Nokia Corporation reported soft fourth-quarter 2023 results, with both top and bottom lines missing expectations. The company registered a net loss of €33 million or €0.01 per share, a decline from the year-ago quarter. Revenues fell 23% to €5,707 million.

Full-year net income for 2023 was €679 million compared to €4,259 million in 2022. Revenues for the year were €22,258 million, down from €24,911 million in 2022. Net sales for Network Infrastructure and Mobile Networks both experienced significant declines.

Nokia Technologies net sales declined 63% from the year-ago quarter to €251 million. Revenues from the Middle East & Africa grew 9% to €646 million while Europe saw a 35% decline to €1,533 million. Cash from operating activities in 2023 was €1,317 million compared to €1,474 million in 2022.

For 2024, Nokia expects a comparable operating margin in the range of €2.3-€2.9 billion with free cash flow estimated within 30-60% of comparable operating profit. The company anticipates strong growth in Network Infrastructure in the second half of 2024, but normalized investments in India and AT&T’s network infrastructure update will impact Mobile Networks.

Nokia currently carries a Zacks Rank #4 (Sell). Some recommended stocks to consider include NVIDIA Corporation (Zacks Rank #2), Workday Inc. (Zacks Rank #2), and Arista Networks, Inc. (Zacks Rank #1). These companies have delivered solid earnings surprises and have strong prospects in their respective industries.



Read more: Nokia (NOK) Misses Q4 Earnings Estimates on Lower Revenues