TECH - Nokia Power Up? Bets On Network Boom And Share Buyback After Rocky 2023 | Benzinga
Nokia Corporation (NYSE:NOK) has forecasted growth in its network infrastructure business in the second half of this year in conjunction with a substantial two-year share repurchase initiative.
What Happened: Nokia predicts its adjusted operating profit for 2024 to range from €2.3 billion to €2.9 billion ($2.5 billion to $3.2 billion), regardless of a challenging 2023 marked by sluggish 5G equipment adoption and patent payment litigation, reported Bloomberg, citing the company's statement given on Thursday.
The telecommunications giant saw a large dip in its net income last year, falling from €4.3 billion in 2022 to a mere €679 million. Revenue also decreased, declining from €24.9 billion to €22.3 billion.
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