Nokia recently revealed its financial report for the Indian market. Notably, the company has reached an impressive number in operations, especially for net sales. Check more details below!
Impressive growth of 327%
Up until now, Nokia has been trying to gain larger net sales for the Indian market with their 5G technology. During the first quarter of 2023, it looks like they have succeeded in this goal. In their new report, the company noted a sizeable growth of 327%. Aside from smartphone manufacturing, Nokia also plays an important role in the telecommunications industry.
They have produced many types of equipment for a different purposes, including advanced 5G networking. With the rise of 5G deployment in many countries and India, it’s easy to see how Nokia has reached this mark. Thanks to the 5G expansion, their net sales rise up to 327 percent year on year, hitting 853 million euros (937 million US Dollars.)
In the same period of 2022, the Finnish brand only reported around 200 million Euros in net sales. The biggest difference came from the wider adoption rate of 5G in India. Through two telecos, Airtel and Reliance Jio, Nokia has gained sizeable growth. Moreover, they noted that it helped offset the low demand from the North American market.
Potential market
Aside from Nokia, other big brands are also seeing India as a potential market. Ericsson chief financial officer Carl Mellander stated that their Indian sales went up five times.