Nokia net sales 1999-2023 – Statista

In 2023, Nokia's net sales experienced a drop to 22.26 billion euros from its 24.9 billion in the year before. As a Finnish company established in 1865, Nokia has its roots in the communication and IT sector. Nokia has branched out into various sectors over the years and stood out as a key player in the mobile sector during the genesis of mobile and smartphone industries. The organization significantly contributed to the creation of GSM (Global System for Mobile Communications) during the late 1980s and early 1990s. Nokia was once on top of the mobile phone business, but as it was slow to adapt to modern smartphone technologies, it began losing market share and profitability to competitors such as Samsung and Apple. After the division responsible for mobile devices was sold off, Nokia pivoted to focus on data networking services and telecoms equipment through its subsidiary, Nokia Networks. As of 2020, Nokia's Networks Business is the biggest revenue contributor. Aside from that, Nokia is active in cloud computing and mapping applications. Nokia, as one of the major players in the telecom infrastructure sector, faces keen competition from Huawei, Cisco, Ericsson, and Qualcomm.