AT&T, one of Nokia?s largest customers (accounting for 5%-8% of its Mobile Networks revenue), recently announced that it would deploy Open Radio Access Networks (RAN) with other vendors, including Ericsson, over the next few years. As a result, Nokia?s revenue from AT&T in this segment will decline over the next two to three years. Furthermore, we expect the global mobile telecom equipment market could decline further in 2024, after a 3% decline in 2023 due to fewer 5G investments, primarily in North America, and macroeconomic headwinds. This follows a period of high growth in 2020-2022 when 5G investments were front-loaded compared with previous technology cycles, particularly in North America, where 5G will already represent about 60% of mobile subscriptions by the
