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November 14, 2014

Nokia hoists long-term profitability

Strong growth in 4G and IoT to pay off for Finnish firm.

By Ben Sullivan

Nokia has raised its long-term profitability targets today, claiming that operational priorities will help create sustainable value for the future.

Speaking at its Capital Markets Day event, the Finnish company, which sold its phone business to Microsoft this year, said that the move comes after a positive financial quarter that shows the firm is making strong progress. Nokia is now focusing on networking and telecoms equipment which will place it in good stead for the oncoming IoT onslaught.

"The rapidly evolving world of technology provides the context for Nokia’s vision and strategy: now it’s about connecting things as well as people, and we expect to see more than 50 billion connected things – devices, modules and sensors – by 2025. We believe we have a powerful role to play in this world, a role of expanding the human possibilities of technology," said Nokia President and CEO, Rajeev Suri.

"This meeting with investors comes on the heels of a quarter where we demonstrated growth across our three businesses. It showed the potential of this company when it starts to execute well," Suri said.

Nokia Group CFO Timo Ihamuotila added: "The foundations for Nokia are solid. We have a strong balance sheet and are making clear progress with our capital structure optimisation program."

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