This post was originally published on this site
The Finnish company has been gaining ground against rivals such as Sweden’s Ericsson (BS:ERICAs) and China’s Huawei after it made its products more competitive by investing heavily in research and found ways to cut costs from other areas.
“Demand in our end-markets remains high, and although supply chain constraints continue to impact our growth, we delivered 1% constant currency net sales growth in Q1,” Chief Executive Officer Pekka Lundmark said in a statement.
Network infrastructure grew 9% in constant currency, driven by strong demand in both fixed and submarine networks.
The company’s first-quarter comparable operating profit rose to 583 million euros ($613 million) from 551 million euros last year, beating the 513 million euros mean forecast of 11 analysts polled by Refinitiv.
The company also affirmed its full-year net sales outlook of between 22.9 billion euros and 24.1 billion euros on constant currency basis.
Earlier in the month, Nokia announced a pullout from Russia that would lead to a provision of 100 million euros, but retained its full-year outlook.
($1 = 0.9509 euros)
