The Finnish manufacturer of telecommunications equipment Nokia Corp increased its net profit in the second quarter of 2022 by 31%, revenue – by 11%, according to a press release from the company.

Net profit Nokia in April-June amounted to 460 million euros compared with 351 million euros in the same period last year. Earnings before one-off factors increased by 8.5% to 585 million euros, beating the average forecast of analysts surveyed by FactSet of 461 million euros.

Nokia’s quarterly revenue rose to 5.87 billion euros from 5.31 billion euros a year earlier. The market consensus for this indicator was 5.61 billion euros.

Revenue of division of Nokia in the field of the equipment for mobile communication networks increased by 9%, divisions in the field of network infrastructure – for 21%, a segment of „cloud” solutions – for 7%.

The company notes that problems with the supply of components persist, but there are already signs of improvement.

Nokia sales in North America jumped by 35%, in Latin America – by 19%, in Greater China (China, Hong Kong, Taiwan) – by 14%, in Europe they decreased by 13%, which is due, in particular, to the departure of the company from the Russian market. Sales of Nokia in the Russian Federation in the second quarter decreased by about 100 million euros, according to a press release.

The company raised its FX-adjusted annual sales forecast to 23.5-24.7 billion euros from the previously expected 22.9-24.1 billion euros.

Shares of Nokia added 7.6% in trading on Thursday. Since the beginning of this year, their value has decreased by 11.5%.