Nokia Looks to 5G Rollouts for Growth
No-moat Nokia's fourth quarter showcased year-over-year growth of over 3% as all its divisions within the Networks business grew. IFRS operating margin of 8% was in line with our projections as Nokia improved gross margins while curtailing expenditures. On the year, Nokia's sales declined by 2.5%, which was slightly better than our expected 3.1% annual decline. We believe 5G networks will be the main growth catalyst while Nokia shifts toward more profitable products alongside cost savings effort...
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