Nokia said Thursday that its net loss widened in 2017, but that underlying profits improved, enabling the Finnish mobile phone maker to raise its forecasts for the coming years as operators prepare to roll out new lightning-fast 5G technology. Nokia said in a statement that it booked a full-year after-tax loss of 1.49 billion euros ($1.8 billion) last year, nearly double the loss of 751 million euros in 2016.
Revenues slipped by two percent to 23.1 billion euros. But at an underlying level, Nokia was back in the black, turning in an operating profit of 16 million euros, compared with a loss of 1.1 billion euros a year earlier. Investors cheered the numbers and Nokia shares were showing a gain of 2.7 percent at the start of trade on the Helsinki stock exchange, outperforming the overall market. Chief executive Rajeev Suri said he was "pleased that Nokia ended 2017 with a strong fourth quarter."
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