In a mission to navigate this turbulent economic landscape, Nokia has disclosed plans for a two-year €600 million ($653 million) share buyback program as the company reported a substantial drop in profits for 2023. Post this announcement, Nokia shares surged by 8.5% during Thursday trading.
Nokia, one of the world's prominent mobile network equipment manufacturers, reported a 23% year-on-year decline in net sales for the fourth quarter, close to €5.7 billion. Comparable operating profit also experienced a 27% year-on-year decrease, amounting to €846 million. The company connected this drop to shift in customer behavior affected by the macro-economic environment, high-interest rates, and customer inventory digestion.
