Nokia reports strong profitable start to 2022

Finnish telecommunications equipment maker Nokia improved its business results in the first quarter (Q1) of this year contrary to analyst expectations, reported Xinhua.

The company posted a quarterly operating profit of 583 million euros. In Q1 2021, the respective figure was 551 million euros.

The quarterly net sales totaled 5,348 million euros (5,076 million euros in Q1 2021).

Net sales in Mobile Networks declined 4 percent in constant currency year-on-year due to supply chain constraints, the company said in a press release.

Petri Sajari, an analyst for a Finnish language newspaper Helsingin Sanomat, said that in Q1 2022 Nokia outperformed its Sweden-based competitor Ericsson. While they posted similar sales figures, Ericsson's profit was 130 million euros behind that posted by Nokia.