Nokia, a leading player in the wireless and fixed-network equipment industry, has reported a decline in sales and profit for the last quarter of 2023. The company has attributed these setbacks to operators reducing investments in 5G technology and other advancements due to economic uncertainty.
In the fourth quarter of 2023, Nokia witnessed a net profit of 568 million euros ($619 million), showing a significant drop from the 929 million euros reported during the same period in the previous year. Nokia's net income attributable to shareholders also saw a decline, from 931 million euros in the last quarter of 2022 to 558 million euros in 2023. Furthermore, the company's sales experienced a decline of 23%, falling from 7.5 billion euros to 5.7 billion euros.
