Nokia sees operating margin rising to 10-13% in 2023

Nokia sees operating margin rising to 10-13% in 2023

News: Nokia sees operating margin rising to 10-13% in 2023.

HELSINKI (Reuters) – Finnish telecommunications equipment maker Nokia sees a comparable operating margin of 10-13% in 2023, it said on Thursday.

Nokia said in a statement to presentations to investors later that day that it also expects to grow faster than the market in 2023.

“We have a clear and detailed plan on how to roll back business, accelerate competitiveness and build our lead in the markets in which we operate,” said Pekka Lundmark, chief executive officer.

“With this plan we can achieve double-digit comparable operating margins in 2023,” he said.

The company had previously lowered its forecast for the operating margin for 2020 from 9.5% to 9% and forecast a margin of 7-10% for 2021.

Lundmark took the top job at Nokia in August after the company lagged Swedish rival Ericsson and Chinese corporation Huawei due to product flaws to win offers to sell 5G network devices.

Reporting by Essi Lehto in Helsinki and Supantha Mukherjee, editing by Anna Ringstrom and Niklas Pollard

Original Source © Reuters

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