Nokia Corporation (ADR) (NYSE:NOK) will report its third-quarter 2023 financial results on October 19, with analysts expecting a 10% year-over-year decline in its earnings per share to $0.09, according to Zacks Investment Research.
The Finnish multinational telecommunications company’s revenue for the period, though, is expected to increase to $6.4 billion from $6.3 billion a year earlier.
Analysts anticipate Nokia’s top-line results will be boosted by robust digital spending in South Asia and growing demand for the company's 5G portfolio, as India should continue to drive growth for its mobile network business.
The company also launched a wide variety of essential network infrastructure products and services through its ‘network-in-a-box’ program.
During 2Q, Nokia’s earnings were impacted by a drop in investment by North American mobile phone operators.
The company also continues to experience stiff competition in the global rollout of 5G equipment from Swedish rival Ericsson and China's Huawei.
NYSE-listed shares of Nokia fell 3% to close at $3.39 on Wednesday and have dropped 28% year to date.
Contact Sean at sean@proactiveinvestors.com