Nokia Corporation released its interim report for Q3 2024 on October 17, 2024, revealing a mixed financial performance with strong gross margin improvement despite a decline in net sales. The report indicated a 7% year-over-year decrease in net sales in constant currency, attributed mainly to a downturn in Mobile Networks, particularly in India, and a divestment in Cloud and Network Services. However, Network Infrastructure and Nokia Technologies segments experienced growth. The company's comparable gross margin rose significantly by 490 basis points to 45.7%, with notable improvements in Mobile Networks. The comparable operating margin also increased by 160 basis points to 10.5%. The diluted EPS on a comparable basis was EUR 0.06, while the reported diluted EPS was EUR 0.03. Nokia's free cash flow for the quarter was...Show More

Nokia Corporation released its interim report for Q3 2024 on October 17, 2024, revealing a mixed financial performance with strong gross margin improvement despite a decline in net sales. The report indicated a 7% year-over-year decrease in net sales in constant currency, attributed mainly to a downturn in Mobile Networks, particularly in India, and a divestment in Cloud and Network Services. However, Network Infrastructure and Nokia Technologies segments experienced growth. The company's comparable gross margin rose significantly by 490 basis points to 45.7%, with notable improvements in Mobile Networks. The comparable operating margin also increased by 160 basis points to 10.5%. The diluted EPS on a comparable basis was EUR 0.06, while the reported diluted EPS was EUR 0.03. Nokia's free cash flow for the quarter was robust at EUR 0.6 billion, with a net cash balance of EUR 5.5 billion. The company has made substantial progress in its cost savings program, achieving a EUR 500 million run-rate of gross savings. Nokia's full-year 2024 outlook remains unchanged, expecting a comparable operating profit of between EUR 2.3 billion and 2.9 billion and a free cash flow conversion from comparable operating profit of between 30% and 60%. The report also highlighted the Board's decision to distribute a dividend of EUR 0.03 per share on October 17, 2024, with a record date of October 22 and payment on October 31. Additionally, Nokia's share buyback program is on track to complete the full EUR 600 million by the end of the year. The company also announced its intention to acquire Infinera, with the transaction valued at US$1.7 billion, to bolster its Optical Networks and accelerate growth opportunities.