Nokia Oyj (NOK) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 28, 2022 4:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

David Mulholland

Good morning, ladies and gentlemen. Welcome to Nokia's First Quarter 202 Results Call. I'm David Mulholland, Head of Nokia Investor Relations, and today with me is Pekka Lundmark, our President and CEO; along with Marco Wirén, our CFO.

Before we get started, a quick disclaimer. During this call, we will be making forward-looking statements regarding our future business and financial performance and these statements are predictions that involve risks and uncertainties. Actual results may, therefore, differ materially from the results we currently expect. Factors that could cause such differences can be both external, as well as internal operating factors. We have identified such risks in the Risk Factors section of our annual report on Form 20-F, which is available on our Investor Relations website.

Within today's presentation, references to growth rates will mostly be on a constant currency basis and margins will be based on our comparable reporting. Please note that our Q1 report and this presentation are published on our website on both reported and comparable results and reconciliation between the two are included.

In terms of the agenda for today, Pekka will give a quick overview of our financial and strategic progress in the quarter; and Marco will then go into a bit more detail of some of the key factors impacting our financial performance along with our outlook for 2022.

With that, let me hand over to Pekka.

Pekka Lundmark

Thank you, David, and hello everyone and thank you very much for joining the call today. Before we start on the actual Q1 performance, let me say a few words about the events that have shocked us all in Q1, namely the Russian invasion of Ukraine. Nokia has strongly condemned the innovation from the start. Our priority has been and continues to be the safety and well-being of our employees. We are supporting our colleagues in Ukraine and providing all available help depending on people's individual needs and circumstances and I'm proud and impressed by how our team members have continued efforts in Ukraine to maintain our customers' networks in the country.

It has been clear for us since the early days of the invasion that continuing our presence in Russia would not be possible. We announced on April 12th that we will exit the Russian market. We will do this in a responsible way and aim to provide the necessary support to maintain our customers' networks as we exit.