Nokia Oyj (NYSE:NOK) Q4 2023 Earnings Conference Call January 25, 2024 4:30 AM ET

Company Participants

David Mulholland - Head, Investor Relations

Pekka Lundmark - President & Chief Executive Officer

Marco Wiren - Chief Financial Officer

Conference Call Participants

Jakob Bluestone - BNP Paribas Exane

Simon Leopold - Raymond James

François Bouvignies - UBS

Sami Sarkamies - Danske Bank

Richard Kramer - Arete

Daniel Djurberg - Handelsbanken

Joseph Zhou - Barclays

Artem Beletski - SEB

Aleksander Peterc - Société Générale

David Mulholland

Good morning, ladies and gentlemen. Welcome to Nokia's Fourth Quarter 2023 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 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. 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 growth rate basis and where we refer to margins, it will be based on our comparable reporting.

Please note that our Q4 report and a presentation that accompanies this call are published on our website. The report includes both reported and comparable financial results and a reconciliation between the two.

With that complete, in terms of the agenda for today, Pekka will give an overview on the quarter and then Marco will give into a bit more detail on some of the key factors impacting our financial performance before Pekka gives a brief conclusion when we move to Q&A.

With that, let me hand over to Pekka.

Pekka Lundmark

Thank you, David and thank you to everyone for joining us today. So, let me start with an update on some of the strategic and operational changes we announced with our Q3 results in October.

We are evolving our operational model to give our business groups increased autonomy and have now embedded our sales teams into the business groups. This announcement has been well received by our customers.

We have hit the ground running in 2024 to embed sales teams into the business groups happened at the start of the year. We have appointed customer account executives and the country manager role has also been reinforced. The customer account executives are there to ensure that we still offer one point of contact and person responsible for overall relationship management with customers without detracting from the accountability of the business groups.