Nokia turns to profit in Q1; backs 2021 and 2023 outlook

Nokia Corp reported that its profit for the first-quarter was 263 million euros or 0.05 euros per share, compared to a loss of 115 million euros or 0.02 euros per share in the previous year.

Comparable earnings per share was 0.07 euros up from 0.01 euros last year.

Net sales for the quarter grew to 5.08 billion euros from 4.91 billion euros in the previous year.

Constant currency net sales were up 9% year-on-year, driven by strong growth in Network Infrastructure and solid growth in Mobile Network.

For 2021, the company continues to expect comparable operating margin of 7% to 10%, and net sales, adjusted for currency fluctuations, of 20.6 billion euros to 21.8 billion euros.

For 2023, Nokia anticipates comparable operating margin of 10-13%, and net sales, adjusted for currency fluctuations, to grow faster than the market.