A view of the headquarters of the Finnish telecoms company Nokia in Espoo, Finland March 16, 2021. Lehtikuva/Heikki Saukkomaa via REUTERS
STOCKHOLM/HELSINKI (Reuters) - Nokia, which announced thousands of job cuts this week, is forecasting a pick up in profit margins to 10%-13% in 2023 as new Chief Executive Pekka Lundmark charts a course to catch up with rivals in the race to deliver 5G networks.
Nokia, which has lost out to Sweden's Ericsson and China's Huawei in the battle for work on next generation 5G networks, had last year cut its 2020 operating margin guidance to 9% from 9.5% and forecast 7%-10% for 2021.
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