Nokia first quarter net sales rise 10% to 5.8 bn euros as India biz jumps four-fold

Finnish telecom gear maker Nokia on Thursday reported a 10 per cent increase in global net sales to 5,859 million euros in the first quarter ended March 2023, on account of over a four-fold jump in Indian business.

The company registered 5,348 million euros in net sales in the same period a year ago.

“Network Infrastructure and Mobile Networks both grew at double-digit rates, with Network Infrastructure increasing 13 per cent, led by Optical Networks and IP Networks, and Mobile Networks increasing 13 per cent, reflecting the continued ramp up of 5G in India,” Nokia said in its earnings report.

Boost in Indian sales saved the company from the reduced spending in North America and other geographies.