Nokia Oyj (NOK) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

January 26, 2023 3:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

David Mulholland

Good morning, ladies and gentlemen, and welcome to Nokia's Fourth Quarter 2022 Results Call and Group Progress Update. I'm David Mulholland, Head of Nokia Investor Relations. And today, with me in Espoo is Pekka Lundmark, our President and CEO; along with Marco Wiren, 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, and we've 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 related to our comparable reporting. And our Q4 report and results presentation are both published on our website, and they include both reported and comparable results and a reconciliation between the two. The progress update portion of today should be considered as part of the regular series of progress update events we've been doing. The presentation for that will be available online after the presentation is finished.

In terms of the agenda for today, Pekka and Marco will give a quick overview of our financial results for 2022 before moving into the progress update. We will be aiming for the call to last for around 90 minutes, but if the presentation runs slightly longer than planned, we will make sure to allow some time for Q&A.

With that, let me hand over to Pekka.

Pekka Lundmark

Thank you, David, and hello, everyone, and thank you very much for joining us today. So as you have seen in the results, fourth quarter was a solid end to a year of acceleration. We pretty much delivered what we promised at the beginning of the year. For the full-year, we had €24.9 billion sales, which was 6% growth year-over-year, and great fourth quarter, which ended the year €7.4 billion, 11% growth year-over-year. And this is really important because we said in the beginning of the year that this would be a year of acceleration. We had declining revenue in 2020, 3% growth in 2021, and now we had 6% growth in 2022.