Nokia has provided updated comparative financial information following its decision to classify its Submarine Networks business as a discontinued operation. The recast data reflects Nokia’s quarterly results from Q1 2024 and Q1-Q4 2023, accounting for the impact of the planned sale of Alcatel Submarine Networks (ASN) to the French State for an enterprise value of EUR 350 million. The deal, announced on June 27, 2024, is subject to employee consultations, regulatory approvals, and is expected to close by late 2024 or early 2025.
The company’s Q1 2024 recast figures report EUR 4.44 billion in net sales and EUR 2.21 billion in gross profit for Nokia Group, with an operating profit of EUR 405 million. This marks a decrease from the same period in 2023 when net sales reached EUR 5.57 billion. Nokia has also recorded a EUR 514 million impairment loss in relation to the ASN transaction. The recast financials allow investors to assess the company’s performance, excluding ASN, as it realigns its focus on core segments.
The Network Infrastructure segment, now without Submarine Networks, saw EUR 1.44 billion in net sales in Q1 2024 with a gross profit of EUR 587 million. Nokia is restructuring its business portfolio to streamline operations and enhance profitability. As part of its broader strategic shift, the company continues to provide comparative financial transparency.
• Nokia reported net sales of EUR 4.44 billion in Q1 2024, down from EUR 5.57 billion in Q1 2023.
• The sale of Alcatel Submarine Networks is valued at EUR 350 million.
• Nokia recorded a EUR 514 million impairment loss linked to the ASN sale.
• The Submarine Networks business will be fully discontinued by 2025.
“Our recast financials provide clarity to stakeholders as we prepare for the future of Nokia without the Submarine Networks business,” said Nokia.
