Nokia reports 80% jump in quarterly operating profit

Finnish telecoms equipment maker Nokia saw its comparable operating profit rise to €281 million in the first quarter of 2024, up 80% from €156 million in the same period last year, according to a company earnings report cited by Finnish public broadcaster Yle.

Revenue for January–March grew by 4% year-on-year, reaching approximately €4.5 billion. CEO Justin Hotard highlighted accelerating demand for AI and cloud services in the company’s interim report, forecasting a 27% annual growth rate (2025–2028) in its target market—up from a previous estimate of 16% in November.

“Demand is intensifying across the entire supply chain, and lead times are lengthening, reflecting the scale of ongoing investments,” Hotard stated.