Nokia sees operating margin rising to 10-13% in 2023 By Reuters

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© Reuters. FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona

HELSINKI (Reuters) – Finnish telecom equipment maker Nokia (NYSE:) sees its comparable operating margin growing to 10-13% in 2023, it said on Thursday.

Nokia said in a statement ahead of presentations to investors later in the day that it also expected to grow faster than the market in 2023.

“We have a clear and detailed plan for how we will reset the business, accelerate competitiveness and scale up our lead in the markets we choose to play in,” Chief Executive Officer Pekka Lundmark said.

“This plan will enable us to deliver double-digit comparable operating margins in 2023,” he said.

The company had earlier cut its 2020 operating margin guidance to 9% from 9.5% and for 2021 forecast a margin of 7-10%.

Lundmark took on the top job at Nokia in August after product missteps by the company saw it lag Swedish rival Ericsson (BS:) and Chinese group Huawei in the race to win deals to sell 5G network equipment.

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