Nokia

Overview Key strengths Key risks No. 2 position in the global radio-access network (RAN) market, excluding China, with a market share of about 27% in 2023, including a No.2 position in 5G with a 29% share. Limited visibility due to cyclical demand for telecom equipment, historically leading to volatile free operating cash flow (FOCF). Strong market position in several segments within network infrastructure, including being No. 1 in passive optical networks globally, No 1 in Edge-routing in EMEA and No. 2 in Optical Networks globally excluding China. Limited growth opportunities as we regard the telecom equipment market as rather flat over the cycle. A diverse and highly competitive product portfolio across mobile, fixed-line, core, access networks, software, and enterprises, thanks

...Since second-half 2023, Nokia has faced significant headwinds, resulting in six consecutive quarters of revenue decline. We expect that its Mobile Network segment (40% of revenue) will show a revenue decline of 21% in 2024, after an 8% decline in 2023. The decline, which started in...

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