Finnish telecom gear maker Nokia on Thursday reported a 10 per cent increase in global net sales to 5,859 million euros in the first quarter ended March 2023, on account of over a four-fold jump in Indian business.
The company registered 5,348 million euros in net sales in the same period a year ago.
“Network Infrastructure and Mobile Networks both grew at double-digit rates, with Network Infrastructure increasing 13 per cent, led by Optical Networks and IP Networks, and Mobile Networks increasing 13 per cent, reflecting the continued ramp up of 5G in India,” Nokia said in its earnings report.
Boost in Indian sales saved the company from the reduced spending in North America and other geographies.
Nokia India sales zoomed by over four-fold to 853 million euros during the reported quarter from 200 million euros in the March 2022 quarter on account of fast pace deployment of the 5G network in the country.
“Mobile Networks net sales grew 13 per cent (on constant currency basis) as 5G deployments in India ramped up, more than offsetting a slowdown in North America spending,” Nokia President and CEO Pekka Lundmark said in the earnings report.
