![]() ![]() In Optical Networks we saw continued strength with 16% growth. We also saw a decline in Fixed Networks, driven by Fixed Wireless Access and some modest inventory management, nonetheless fiber demand remains robust. Our Network Infrastructure business saw a 6% decline in net sales in constant currency as macro uncertainty impacted the business, particularly in IP Networks which declined 11%. Our performance in Enterprise was also a highlight with net sales increasing by 27% in constant currency illustrating how well we are executing on this strategic pillar. This is another major milestone in our smartphone license renewal cycle. The highlight of the quarter was the new long-term patent license agreement signed with Apple. Considering the significant decline in major North American operators' investments, our operating margin has proved resilient, even adjusting for the EUR 80 million of catch-up net sales in Nokia Technologies. As a result of prudent management of our costs, we were able to deliver a solid comparable operating margin of 11.0% despite the regional mix headwinds faced in our Mobile Networks business. ![]() In Q2 we delivered stable net sales in constant currency compared to the prior year. PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q2 2023 RESULTS Investors should not solely rely on summaries of Nokia's financial reports and should also review the complete reports with tables. The detailed, segment-level discussion will be available in the complete financial report hosted at A video interview summarizing the key points of our Q2 results will also be published on the website. The summary focuses on Nokia Group's financial information as well as on Nokia's outlook. Nokia only publishes a summary of its financial reports in stock exchange releases. This is a summary of the Nokia Corporation Financial Report for Q2 and Half Year 2023 published today. As announced on 14 July 2023, Nokia now expects full year 2023 net sales in the range of EUR 23.2 billion to EUR 24.6bn with a comparable operating margin in the range of 11.5% to 13.0%.Free cash flow negative EUR 0.4bn, net cash balance of EUR 3.7bn.Comparable diluted EPS of EUR 0.07 reported diluted EPS of EUR 0.05.Comparable operating margin declined y-o-y by 120bps to 11.0% (reported declined 130bps to 8.3%), due to the above mentioned gross margin factors, partly offset by lower operating expenses and higher other operating income.Comparable gross margin declined 180bps y-o-y to 38.8% (reported declined 200bps to 38.2%) due to regional mix in Mobile Networks, partly offset by a strong Network Infrastructure margin and catch-up net sales in Nokia Technologies.Enterprise net sales grew 27% y-o-y in constant currency (25% reported).Q2 net sales flat y-o-y in constant currency (-3% reported).Resilient performance amidst macro uncertainty Nokia Corporation Financial Report for Q2 and Half Year 2023 ![]()
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