Nokia speeds up transformation to improve profitability
18/03/2021
Nokia Corporation
Stock Exchange Release
18 March 2021 at 8:00 EET
Nokia speeds up transformation to improve profitability
Capital Markets Day 2021
Company sets out a three-phased journey to deliver sustainable, profitable growth and technology leadership.
Reiterates its financial outlook for 2021 and provides outlook for 2023.
Anticipates comparable operating margin to increase to 10-13% in 2023 and to grow faster than the market in full-year 2023.
Launches new company purpose and ways of working.
Capital Markets Day presentations will update on key market opportunities, focus areas and long-term trends.
Today Nokia is holding its Capital Markets Day 2021 and providing an overview of long-term market trends, how it is setting itself up for value creation, detailed plans for each of its business segments, its financial outlook and its updated dividend policy.
Nokia is repositioning itself to deliver sustainable, profitable growth, adapting our business to lead in an increasingly digitalized world. We have a clear and detailed plan for how we will reset the business, accelerate competitiveness and scale up our lead in the markets we choose to play in. This plan will enable us to deliver double-digit comparable operating margins in 2023, says Pekka Lundmark, President and CEO of Nokia.
We have moved away from end-to-end as a cornerstone of our equity story and have instead put in place four fully accountable, empowered business groups, arranged according to how customers buy. Each of these business groups has solid strategies and targets to grow market share and margins through enhanced technology leadership, he continues.
Nokia sees a number of major trends impacting the industry over the next few years, with 5G and resulting technologies at their core and creating opportunities for CSPs, enterprises and webscales.
These trends include next-generation access with fiber-to-the-home and optimized transport technologies delivering a seamless experience for consumers in homes and workplaces, enabling a gigabit society when combined with mobile 5G. In addition, connected digital enterprise will drive massive productivity, efficiency and safety gains across industries. A result of this will be significant growth in the Enterprise market.
5G is still in its early phase. We estimate that the peak of the 5G market will last roughly twice as long as it did with 4G. So these trends of next generation access and digital connected enterprise still have a long way to run. I want Nokia to be able to shape them, delivering best-of-breed products, services and connectivity that allow our customers to deliver constantly improving performance, says Lundmark.
New company purpose
The world is changing rapidly and facing fundamental challenges. Pressure on the planet is increasing, productivity is stalling and access to opportunity remains stubbornly unequal.
Nokia believes technology is central to the solution.
Technology can help to respond to climate change through more efficient use and re-use of the world's resources. It can be essential for restoring productivity growth by digitalizing physical industry, and it can help provide more inclusive access to work, healthcare, markets and education.
With that in mind, our new purpose at Nokia is to create technology that helps the world act together. With our customers, we create the critical networks that bring together the world's people, machines, and devices. And everything we do in our business will contribute to this aim Lundmark continues.
To deliver on its refreshed purpose, Nokia will strengthen its position as a trusted partner for critical networks, which underpin more and more mission-critical functions for businesses and across societies. In addition, Nokia focuses on technology leadership in each of its businesses and captures the value shift to cloud and new business models as critical networks evolve. Nokia also creates value with long-term research and intellectual property which provide both the technology and the financial platform for the company to be successful over the long term.
In addition, Nokia is refreshing its ways of working and promoting a culture where its people are open to continuous development, fearless to experiment and empowered to act with clear accountability.
Reset, Accelerate, Scale - three phases to delivering above market growth
To deliver on its targets for sustainable growth Nokia has set out a three-phased approach.
First, an ongoing reset, with focus on securing technology leadership; implementing the new operating model to reduce complexity and increase accountability; securing full portfolio competitiveness in Mobile Networks; resetting its cost base; and renewing the ways of working.
From 2022 onwards the company will accelerate competitiveness and aims to grow margins through enhanced technology leadership, digitalization of own operations, automation and capturing emerging opportunities. It then plans to scale up to drive growth in new use cases and business models including in enterprise and private wireless in order to grow faster than the market.
Market development 2020 to 2023
Nokia's total estimated addressable market is expected to grow at a compounded annual growth rate (CAGR) of approximately 1% from 2020 to 2023, comprising of the following estimates:
Mobile Networks estimated 2020 - 2023 addressable market CAGR, excluding China, of approximately 1%;
Network Infrastructure estimated 2020 - 2023 global addressable market CAGR of approximately 2%;
Cloud and Network Services estimated 2020 - 2023 global addressable market CAGR of 2%.
Financial outlook for 2021 and 2023
Today, Nokia reiterated its financial outlook for 2021 and provided its outlook for 2023.
Outlook Full year 2021 Full y
LINK: | https://www.nokia.com/about-us/news/releases/2021/03/18/nokia-speeds-u... |
See more stories from nokia |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
03/05/2024
Fubo Loses Subs in Q1 But Exceeds Guidance and Reduces Losses
NEW YORK FuboTV reported that it lost 110,000 subs in Q1 2024 but it exceeded its guidance for the quarter with double digit year-over-year increases across key...
03/05/2024
Only 3 Weeks Left To Enter The Creative Industries Most Award
Only 3 Weeks Left To Enter The Creative Industries Most Award Brie Clayton May 3, 2024 0 Comments Creativepool is giving a last call to the creative i...
03/05/2024
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear Brie Clayton May 3, 2024 0 Comments By 2032, the esports market is expec...
03/05/2024
The Business of TV News: Shannon Bream Singles Out Key Issue in 2024 Election
WASHINGTON Shannon Bream, Fox News Sunday anchor and chief legal correspondent, sat for a keynote chat at The Business of TV News, with Tom Umstead, senior co...
03/05/2024
ABC News Anchor Martha Raddatz Says Local News Is Everything'
WASHINGTON Asked how important is local news, Martha Raddatz, who has covered foreign conflicts for decades and moderated presidential debates for ABC News, s...
03/05/2024
Paramount Stock Jumps on Report of $26 Billion Bid From Sony Pictures and Apollo Global
Sony Pictures and Apollo Global Management have made a $26 billion cash offer fo...
03/05/2024
CBS Shares 2024-2025 Schedule
CBS announced its 2024-2025 primetime schedule, which features the new dramas NCIS: Origins, Matlock and Watson, and new comedies Poppa's House and Georgie ...
03/05/2024
Fubo Continues To Reduce Red Ink Despite Losing 110,000 Subs in Q1
Sports-focused streaming service Fubo said it reduced its red ink in the first quarter, despite losing 110,000 subscribers since the end of the year....
03/05/2024
Walmart Ready to Release 4K Hybrid Streaming/Smart Speaker
Walmart is reportedly about to release a new 4K streaming box/smart speaker hybrid device for Google TV that could retail for as low as $50, according to a repo...
03/05/2024
Limecraft updates content delivery platform
Enhancements to its Delivery Workspace solution provide increased content delivery robustness and security By Matthew Corrigan Published: May 3, 2024 Enha...
03/05/2024
Sony and Apollo submit $26 billion bid for Paramount Global
According to reports, if the bid is successful, Sony would be the significant majority shareholder of the new private company By Jenny Priestley Published: M...
03/05/2024
Global Academy launches Manchester media school
Located in Manchesters Spinningfields district, the course aims to equip students with the skills, knowledge and industry insight for a career in the creative s...
03/05/2024
New Lightbridge C-Move Core
Lightbridge has created a new Cine Reflect Lighting System kit, dedicated to enabling artistic lighting with consideration of today's productivity practical...
03/05/2024
KPBS Modernizes Infrastructure With Major AES67 Control R...
Broadcast media systems integrator BeckTV and Lawo worked together on a large-scale AES67 build of radio control rooms at KPBS, San Diego's NPR and PBS memb...
03/05/2024
SmallHD Free PageOS 6 Update Adds Powerful New Capabiliti...
Raleigh, NC, April 12, 2024 SmallHD announces PageOS 6, a powerful software update free for owners of SmallHD monitors, featuring increased functionality, exp...
03/05/2024
SmallHD Launches Quantum 32 Quantum Dot OLED HDR Referenc...
SmallHD announces the Quantum 32 a new 31.5 OLED monitor designed to provide reference HDR/SDR images for post-production final color grading, as well as cri...
03/05/2024
How WePlay Studios is Transforming the Future of Live Eve...
By 2032, the esports market is expected to grow to $9.29 billion, bolstered by a global player count and fan following that both continue to climb. The 2023 Lea...
03/05/2024
Amagis Latest FAST Report Unveils the Rise of a Diverse G...
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that the 11th edition of the Amagi Global FAST Rep...
03/05/2024
WDR Filmhaus to Implement Riedel Infrastructure
Riedel Communications today announced that Westdeutscher Rundfunk (WDR) is relying on a media and intercom network based on Riedel technology for the renewal of...
03/05/2024
TF1 Chooses Broadpeak to Power Targeted Advertising for N...
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
03/05/2024
Limecraft Announces New Platform Update and Preview of MI...
Media technology innovator Limecraft will exhibit the latest updates to its online platform on stand G79 at the 15-16 May 2024 Media Production & Technology Sho...
03/05/2024
Prism Sound Announces Partners For 8 Hours At Rockfield 2...
Audio interface specialist Prism Sound is partnering with console manufacturer Solid State Logic, professional monitor manufacturer PMC and acoustic panel and d...
03/05/2024
Intinor brings excellence in contribution streaming to MP...
Intinor, Sweden's leading developer of products and solutions for high-quality video over the internet, is set to join forces with its UK partner Zest Techn...
03/05/2024
NAKIVO Reports 10 Percent Revenue Growth in EMEA Region
NAKIVO Inc., a fast-growing software company dedicated to protecting physical, virtual, cloud, and SaaS environments, announced its Q1 2024 financial results to...
03/05/2024
Hiltron Introduces Field-Upgradable Motorisation Kit for...
Hiltron Communications announces an addition to its range of satellite communication products and systems: a field-upgradable motorisation kit specifically desi...
03/05/2024
LiveU Showcases Story-Centric Workflows and the LiveU Eco...
Visit LiveU at Stand D30 With this year an exceptional one for major sporting events alongside multiple, key elections, the power and flexibility of LiveU'...
03/05/2024
Agile Content appoints Koldo Unanue as new CEO to boost t...
Agile Content, the leader in the development of technology and solutions for the provision of television services over the Internet, announces Koldo Unanue as i...
03/05/2024
Fubo, Dish, DirecTV & Others Urge Congress to Probe New Sports Streaming JV
Eight co-signers representing streaming services, pay TV operators and public interest groups have sent a letter to Congressional leaders urging their Committee...
03/05/2024
Brightcove Integrates AWS-Powered Generative AI Solution
BOSTON Brightcove has announced that it has implemented Amazon Q Business, a new generative AI assistant on Amazon Web Services (AWS)....
03/05/2024
CBS Claims 16th Straight Prime Time Viewing Title
NEW YORK CBS has declared that it will finish the 2023-24 season as Americas Most-Watched Network in primetime for the 16th consecutive season....
03/05/2024
Survey: U.S. Business and Consumers Plan to Increase Tech Spending
A new survey indicates that U.S. businesses and consumers had an overall positive attitude towards their technology spending plans in the first quarter of 2024,...
03/05/2024
Sony, Apollo Make $26B Bid for Paramount
Sony and Apollo Global Management have sent an offer letter to Paramount Global's board of directors making an $26 billion all cash offer for Paramount Glob...
03/05/2024
EMG / Gravity Media Grow Executive Team
EMG / Gravity Media has appointed Charlie Cubbon chief operating officer (COO) and Jamie Hindhaugh regional CEO for the U.K., U.S., Australia and the Middle Eas...
03/05/2024
WRAL-TV Brain Game Producer Randy Mews Wraps Season Taping Before Retirement
Final 2024 Season Games to Air Saturdays on WRAL at 10:30am in May, Championship on June 1 Taping for the final episodes of the 2024 season of WRAL-TV's Br...
03/05/2024
Estrella MediaCo Launches FAST Channels With Curiosity (NewFronts)
Estrella MediaCo said it is expanding its connected TV portfolio by launching three new channels with Curiosity that will first appear on Samsung TV Plus....
03/05/2024
SAG-AFTRA Will Use Nielsen Streaming Data To Enforce New Contract Terms
Nielsen said that actors' union SAG-AFTRA has selected Nielsen as its third-party provider of streaming content measurement....
03/05/2024
Cineverse Moves AI Content Search Tool cineSearch Into Public Beta
Cineverse said it has released a public beta version of cineSearch, its artificial intelligence-based system designed to help users find content to watch....
03/05/2024
Court TV To Debut Season 2 Of Accomplice To Murder May 5
Court TV said that its series Accomplice to Murder with Vinnie Politan is returning for a second season beginning May 5....
03/05/2024
Paramount Advertising Taps Mastercard, EDO for Attribution
Paramount Advertising said it is working with Mastercard and research and analytics company EDO to measure the impact of advertising campaigns and improve their...
03/05/2024
The Business of TV News: How To Grow Local Programming Without Burning Out Staffers, Viewers
WASHINGTON The panel The Growth of Local Programming happened at The Busines...
03/05/2024
Katz Media Group Names Craig Broitman President
Katz Media Group said that Craig Broitman will become president of the company, succeeding Leo MacCourtney, who announced that he is retiring effective July 1....
03/05/2024
MeTV Toons To Debut This Summer
MeTV Toons, the latest digital broadcast network from Weigel Broadcasting, will debut June 25, Weigel vice chairman Neal Sabin said at a virtual press conferenc...
03/05/2024
Prison Journalism: A glimpse into South African prisons
Prison Journalism: A glimpse into South African prisonsDavid van Nek was incarcerated in Pollsmoor Prison from 2013 until 2015 and participated in the restorati...
03/05/2024
Prison Journalism: When your time in prison gets hard
Prison Journalism: When your time in prison gets hardFawaaz Adendorff was incarcerated in Pollsmoor Correctional Centre and participated in a Restorative Justic...
03/05/2024
Baby Reindeer: What's all the fuss about Netflix's hit series?
Baby Reindeer: What's all the fuss about Netflix's hit series?Netflix's new miniseries Baby Reindeer is trending on Netflix and it's the kind ...
03/05/2024
Tonight on House of Zwide: Makho, the hitman, turns out to be an old friend of Isaac's
Tonight on House of Zwide: Makho, the hitman, turns out to be an old friend of I...
03/05/2024
Tshepo Matlala discusses his class clown role in Youngins'
Tshepo Matlala discusses his class clown role in Youngins'Breakout star Tshepo Matlala portrays fan-favourite character Tshepo Masemola, who is the class c...
03/05/2024
May 02, 2024
TIME100 Health list features Scripps Research Executive Vice President Eric Topol New list honors 100 individuals who most influenced global health in 2024. M...