Finland-based network solution provider Nokia Oyj (NOK) beat quarterly operating profit expectations in the fourth quarter that ended in December 2022. Moreover, the company forecasts 2023 full-year net sales between €24.90 billion ($26.62 billion) and €26.50 billion ($28.33 billion), which implies growth between 2% and 8% in constant currency.
NOK ended 2022 on a solid note as it managed to diversify its customer base from network service providers to industrial customers who set up their own private 5G networks at power plants, utilities, and mines, among others. Apart from growing demand from business customers, the company also got big contracts from Indian telecom operators to launch 5G in India.
