“In 2023 we saw a meaningful shift in customer behaviour impacting our industry driven by the macro-economic environment and high interest rates along with customer inventory digestion,” Nokia chief executive Pekka Lundmark said in an earnings statement.
“We expect the challenging environment of 2023 to continue during the first half of 2024, particularly in the first quarter,” he added.
Nokia reported an 11 percent drop in net sales last year to 22.26 billion euros, driven by a drop in investment by mobile network operators in North America.