Telecommunications Nokia does not expect its profitability to improve significantly until 2023

Network devices Nokia expects its profitability to improve significantly only in 2023. According to the new target, the operating profit margin, which measures profitability, would be 10–13 in 2023. This year, it predicts it will be 7-10.

“Nokia is repositioning itself to create sustainable and profitable growth and lead change in a rapidly digital world. We have a clear and detailed plan to modernize our business, improve our competitiveness and strengthen our leading position in the markets that are important to us, ”says the CEO. Pekka Lundmark in the bulletin.

On Tuesday, the company announced it was cutting costs EUR 600 million by the end of 2023 and cut 5,000–10,000 jobs, mainly outside Finland, within two years. The company intends to use the equivalent amount of savings for additional investments in research and development to improve its competitiveness.

The news is updated.

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