Nokia net income worldwide 2006-2023

Nokia experienced a net profit of over 679 million euros in 2023. This is a change from the previous year, when the company registered a profit of over 4.26 billion dollars. The Finnish company once known for cell phones has shifted its focus to providing telecommunication networks equipment and services - a market which was forecast to grow through 2020.

A strong player in networks technology

As part of its drive into networks technology, Nokia acquired communications equipment company Alcatel-Lucent in 2016 for 15.6 billion euros. This merger provided Nokia with access to inventive research for technology hardware and equipment so it could compete against industry rivals Huawei and Ericsson. Nokia’s business segment Nokia Networks, which Alcatel-Lucent was integrated into, generated the vast majority of Nokia's revenue in fiscal year 2020.

Nokia leaves the phone business

Nokia has experienced several directional changes during the last few decades. Once a successful phone manufacturer in the early 2000s, the company struggled with increasingly overwhelming competition from Apple and Samsung, leading to a decreasing share of the mobile phone market. Adding to Nokia’s struggle within the mobile phone market was remaining committed to their own mobile operating system (OS) Symbian for too long before switching to Google’s Android OS. After a fruitless partnership with Microsoft, Nokia sold its waning mobile and devices segment to Microsoft and focused on network infrastructure. In recent years, Nokia has invested much of its research and development on 5G cellular network technology.