Nokia Corp.

For 2023, we anticipate a slowdown in annual revenue growth to 1%-3% driven by our expectation of reduced telecom equipment investments from telecom operators in developed markets, partially offset by expected growth in emerging markets. In the Mobile Networks division, we anticipate growth to also be supported by Nokia's increase in market share in countries such as India--where Nokia won significant contracts as the 5G rollout vendor--supported by Nokia's improved product competitiveness. In the Network Infrastructure division, we expect Nokia to benefit from the pandemic-accelerated residential broadband needs and 5G fixed wireless access (FWA). In the longer term, once the 5G rollout is completed globally, the revenue trajectory in mobile networks is uncertain. On one hand, the enterprise business could

...We expect low single digit growth for the next two years after stronger than anticipated revenue growth in 2022. For full-year 2022, we now anticipate 8%-10% revenue growth (after Nokia reported nearly 11% for the first nine months of the year) compared with our previous expectation of 3%-5%. This is mostly driven by the mobile networks and network infrastructure divisions, as well as the favorable EUR/USD exchange rate, and only slightly offset by a decline in the technologies division due to the delay of ongoing renewals of two licensing deals. For 2023, we anticipate a slowdown in annual revenue growth to 1%-3% driven by our expectation of reduced telecom equipment investments from telecom operators in developed markets, partially offset by expected growth in emerging markets. In the Mobile Networks division, we anticipate growth to also be supported by Nokia's increase in market share in countries such as India--where Nokia won significant contracts as the 5G rollout vendor--supported...

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