Nokia has posted a strong set of financials for the fourth quarter of 2019, boosting profits for the year.
Earnings rose from €0.13 per share to €0.15 per share for the October to December 2019 period. The company also said that it expected most of its profits for 2020 to be generated in the fourth quarter.
“Nokia’s fourth quarter 2019 results were a strong end to a challenging year. We saw strength in many parts of our business in the quarter, delivered a slightly better operating profit than the same period in 2018, generated solid free cash flow, and increased our net cash balance to €1.7 billion,” said the company’s president and CEO, Rajeev Suri.
Nokia reiterated its prediction for projected earnings per share in 2020 of between €0.20 and €0.30.
Nokia has so far signed 63 5G launch deals with operators around the world and will expect strong competition from its rivals Ericsson and Huawei as operators look to scale up their fledgling 5G networks in 2020 and beyond.
“We have more than 350 customers in 4G, but these first 63 customers represent some two thirds of our global Radio Access Networks business in a typical year. Further, these 63 contracts – across the most important pioneering markets, across low bands, middle bands and high bands, and across traditional and cloud network architectures – provide us with invaluable early experiences and insights for the benefit of the rest of the world. So, it is a great start”, said Tommi Uitto, President of Mobile Networks at Nokia.Nokia has registered over 2,000 5G patent families, many of which have arisen out of research and development projects based at Nokia’s Bell Labs facility in the US.