Nokia's revenue and operating profit fell in the fourth quarter of 2023, but it announced a two-year, 600 million euro ($653 million) share buyback program.
Net sales: fell 23% year-on-year to €5.7 billion
Operating profit: down 27% at €846 million
Revenue from telephone networks, Nokia's largest division by revenue, fell by about 17% year-on-year to 2.5 billion euros in the fourth quarter.
The company's president, Pekka Lundmark, said that it witnessed a major shift in investor behavior during 2023, which affected its industry, and this came amid the macroeconomic environment and high interest rates.
Lundmark expects the challenging environment that existed in 2023 to continue this year. The company also expects operating profits to range between 2.3 billion and 2.9 billion euros this year.
Nokia was affected by telecom operators reducing their spending on their networks, as India, which had been investing heavily in second generation mobile networks in the past two years, began to slow the pace of spending.
In terms of trading, Nokia shares jumped by about 7.5%.
