Nokia (NYSE:NOK) Corporation, with a market cap of $20.0 billion USD, is set to announce its Q3 2023 results on Wednesday, October 19, following a period of increased year-over-year revenues and adjusted earnings of 8 cents per share. The company, which holds more cash than debt on its balance sheet according to InvestingPro Tips, has been actively expanding in South Asia, securing multiple deals and launching AI-driven software solutions that have furthered its presence in the region.
During the recent quarter, Nokia made significant strides in its business operations. Mediacom Communications, a U.S.-based company, deployed Nokia’s XGS-PON technology to provide multi-gigabit broadband service in remote rural areas. In addition, Nokia signed a multi-year agreement with Eastlink, a Canadian communication service provider, to extend its coverage area.
Nokia, a prominent player in the Communications Equipment industry as per InvestingPro Tips, further bolstered its presence in South East Asia. Globe Telecom (OTC:GTMEY) adopted Nokia’s Interleaved Passive Active Antennas to enhance 4G/5G coverage in the Philippines. Additionally, Nokia joined forces with NTT Ltd. to support digital transformation initiatives in Thailand. These strategic agreements are anticipated to have strengthened Nokia's foothold in the region and positively influenced its top-line performance.
In terms of product development, the company launched the 25G PON starter kit solution aimed at accelerating high-speed connectivity deployment for enterprises and assisting operators in maximizing their revenue potential. It also introduced Corteca, an advanced end-to-end home connectivity software for broadband devices. In addition, Nokia rolled out a range of essential network infrastructure products and services through its 'network-in-a-box' program.
Nokia's total Q3 revenues are projected to reach $6,356 million, marking an increase from $6,290 million reported in Q3 2022. On the other hand, adjusted earnings per share are expected to drop slightly from 10 cents to 9 cents, aligning with the InvestingPro Tip that net income is expected to drop this year. Despite this, Nokia remains a strong investment, trading at a low earnings multiple of 4.6 as per InvestingPro Data, and analysts predict the company will remain profitable this year. For more insights like these, consider exploring the additional tips available on the InvestingPro platform.
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