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"We said at the start of 2022 that it would be a year of acceleration, and we delivered what we promised," announced Nokia President and CEO Pekka Lundmark.

Nokia reported better-than-expected revenue and profit last year, soaring to 4.3 billion euros in 2022, a 159% jump from the previous year. Moreover, annual net sales grew 12% to 24.9 billion euros.

The company's fourth-quarter net profit alone surged to 3.15 billion euros, a 364% increase from the same period in 2021, while net sales grew by 16% from 6.4 billion euros to 7.4 billion euros.

With a 27% YoY change, enterprise customers are the largest contributors to the net sales growth of Nokia in 2022.

Moving into 2023, Nokia expects to see solid demand trends continue in its Network Infrastructure and Mobile Networks segments. Last year’s Q4 results showed stellar Network Infrastructure performance, which grew net sales by 20%, while Mobile Networks’ Q4 net sales increased by 7%.

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Notably, there is a strong full-year acceleration in Fixed and Submarine Networks businesses, with net sales growing 25% and 24%, respectively.

In the Cloud and Network Services segment, the increased investments into private wireless and Software-as-a-Service (SaaS) brought in a Q4 net sales growth of 10%. From a regional point of view, the Middle East & Africa (MEA) growth of the telecom vendor was driven by this segment.

In terms of circular practices, Nokia announced the opening of a new regional maintenance hub in Riyadh, Saudi Arabia, during Q4 to support customers across MEA. The hub will provide repair and support services for Nokia’s 5G and legacy telecom network equipment, as well as the training of local engineers.

Lundmark confirmed that while the company is “mindful of the uncertain economic outlook,” demand will remain robust in 2023, anticipating "another year of growth." Nokia is targeting a 2-8% full-year net sales growth of between 24.9 billion euros and 26.5 billion euros.

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