Nokia Corporation Financial Report for Q1 2023
Nokia CorporationInterim report20 April 2023 at 08:00 EEST
Nokia Corporation Financial Report for Q1 2023
Strong net sales growth; outlook unchangedNet sales grew 9% y-o-y in constant currency (10% reported).
Enterprise net sales grew 62% y-o-y in constant currency (65% reported).
Comparable gross margin declined 300bps y-o-y to 37,7% (reported -310bps to 37,5%), due to regional mix and a lower contribution from Nokia Technologies partly related to a license option exercised in Q4 2022.
Comparable operating margin declined y-o-y by 270bps to 8,2%, due to the above mentioned factors impacting gross margin along with a significant swing in venture fund contribution, somewhat offset by disciplined cost control.
Reported operating margin increased 70bps y-o-y to 7,3%. In addition to the above factors, the margin increased due to a provision...