Nokia said its sales fell 8 percent to €4.326 billion or $4.695 billion during the third-quarter of 2024 as telecom operators slash Capex.
Nokia has generated sales of €1.525 billion from Network Infrastructure; €1.747 billion from Mobile Networks; €702 million from Cloud and Network Services and €352 million from Nokia Technologies during the third-quarter.
Nokia has reported 1 percent drop in sales in Network Infrastructure; 19 percent dip in sales in Mobile Networks; and 5 percent decline in sales in Cloud and Network Services business.
“We expect a significant acceleration in growth in Q4 in Network Infrastructure and see a number of structural demand trends supporting our future growth,” Nokia CEO Pekka Lundmark said.
Earlier media reports indicated that Nokia will look for replacing Pekka Lundmark from the CEO role. There were media reports about the sale of Nokia mobile networks business to Samsung.
Ericsson has reported sales revenue of SEK 61.794 billion or $5.871 billion during the third-quarter of 2024. This indicates that Nokia is still behind Ericsson is terms of third-quarter revenue. China-based Huawei, the telecom network market leader, is yet to reveal its financial result for Q3 2024.
Nokia India
Nokia India sales declined 44 percent in Q3 2024 to $343 million as 5G deployments remained elevated in the year-ago quarter.
Nokia’s Fixed Networks business in India grew strongly as fixed wireless access deployments ramped in the region.
Nokia is the leader in the Indian telecom network equipment market during Q3 2024. Ericsson India has generated revenue of $293 million in Q3. Both Huawei and ZTE have lost significant business due to regulatory issues.
Globally, Nokia has generated sales of €1.216 billion from North America, €222 million from Latin America, €258 million from China, €316 million from India, €482 million from Rest of Asia Pacific, €1.363 billion from Europe, and €469 million from Middle East & Africa.
Baburajan Kizhakedath