Nokia net sales worldwide 2016-2023, by segment

The Finnish telecommunications company Nokia generated over 22 billion euros in net sales in 2023. The company's Mobile Networks segment generated the largest share with 9.8 billion euros, followed by the Network Infrastructure segment with 8.04 billion euros. Each of Nokia's segments reported a decrease in net sales in 2023.

Nokia sees opportunities in the mobile network sector

Nokia's Mobile Networks business group provides services and products for a range of mobile technologies, most notably 5G. Nokia has emphasised the importance of 5G for its operations moving forward, having identified business opportunities in the provision of network slicing, private wireless networks, and radio access networks (RAN). Meanwhile, Nokia’s Network Infrastructure business group builds networks across four subdivisions: Fixed Networks, IP Networks, Optical Networks, and Submarine Networks.

From cell phones to network technology

Nokia's focus on telecommunications infrastructure is the result of a major strategic shift over the past decade. The company was once known primarily as a manufacturer of mobile handsets, but lost its dominant position in the consumer hardware market amid the rise of iOS and Android smartphones. As a result, the company sought to place a greater focus on networks. Its efforts were bolstered via the 2016 acquisition of the French telecommunications equipment company Alcatel-Lucent, which provided access to a lucrative combination of fixed and mobile networks, and laid the groundwork for Nokia to play a key role in the expansion of 5G networks.