Finland based telecommunication, information technology company and manufacturer of consumer electronics Nokia (HEL: NOKIA) reported its fourth quarter results in which it surpassed what analysts had estimated for the company in terms of operating profit.
In the third quarter Nokia reported an adjusted operating profit of 908 million euros surpassing the 822 million euros which analysts were expecting in the quarter.
For the 2021 financial year, the company reported revenue of 22.2 billion euros denoting a 3% growth rate compared to what it had reported the previous year. This was however on the lower end compared to the annual revenue of 23. 06 billion euros predicted by analysts.
The company also announced resumption of dividend payment after it had suspended dividends back in 2019. Nokia announced a 8 cents per share dividend payment for 2021.
Initially, the company was slow on rolling out 5G technology which pushed it behind its peers in the industry. However this took a shift after Nokia appointed a new chief executive officer, Pekka Lundmark, in 2020.
Since assuming office, Lundmark has slashed spending in the company, increased spending on research activities and increased roll out of the 5G technology.
“We have now largely caught up competition in 5G. We have created a foundation for growth acceleration, the year of reset is behind us, now we are accelerating. We have established a new baseline in North America and we do see growth opportunities there,” said the CEO.