Nokia Q4 results: Profit drops to $619 mn amid 5G cutback, sales down 23%

Nokia on Thursday reported a double-digit decline in sales and a fall in profit in the last three months of 2023, with the wireless and fixed-network equipment maker saying operators are cutting back on investments into 5G and other technology because of economic uncertainty.

The Espoo, Finland-based company reported net profit of 568 million euros ($619 million) for the October-to-December quarter, down from 929 million euros in the same period a year earlier.

Nokia is one of the world’s main suppliers of 5G, the latest generation of broadband technology, along with Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung.