Nokia says is gaining market share, benefitting from 5G roll-out in India

Nokia on Thursday beat quarterly operating profit expectations and forecast higher 2023 sales as the Finnish telecom equipment maker said it had been able to gain market share, benefitting from 5G roll-out in countries such as India.

“We are taking market share now,” Chief Executive Pekka Lundmark told Reuters, adding the growth was broad-based and calling India “the highlight of this story”.

Nokia shares opened up 5.8% in Helsinki.

Lundmark said Nokia saw another year of growth ahead in 2023, in sharp contrast with its main rival Ericsson.

Ericsson had reported lower than expected fourth-quarter core earnings and said it expected a fall in margin in its Networks business to persist through the first half of 2023,