Finnish networks firm Nokia has reported a better-than-expected performance in October to December last year despite "challenging" economic conditions.
In a press release summarising the Q4 and full-year 2020 results, the firm’s CEO Pekka Lundmark said the company's fourth-quarter figures were stable and that results for the full year were at the upper end of the range previously estimated by the company.
"This has been a year of incredible change where our personal resilience as well as technology has been tested like never before," Lundmark wrote.
Nokia's operating profit (non-IFRS) for October to December decreased by 4 percent from the same period in 2019 to 1.09 billion euros, with non-IFRS net sales at approximately 6.57 billion euros.
For the full year of 2020, Nokia's non-IFRS net sales were 21.87 billion euros, compared to 23.34 billion euros in 2019, with operating profit (non-IFRS) at approximately 2.1 billion euros.
IFRS refers to the International Financial Reporting Standards, a standardised means of reporting a company’s financial performance and position so that statements are comparable across international boundaries.
According to Lundmark, the most important goals for the year ahead are to complete the transformation programme of the Mobile Networks business group and create a basis for improving its profitability.
"Completing the turnaround in Mobile Networks remains our top priority for 2021, and these visible signs of progress give me confidence that we are on the right track but there is still work to be done," the CEO wrote, adding that 2021 will also be a challenging year of transition.
However, Nokia is willing to invest as much as it takes to achieve market leadership in 5G technology, Lundmark added.