Nokia said on Thursday that it will begin a 600 million euro ($653 million) share buyback this quarter, after it reported that its profit plunged in 2023.
Nokia posted fourth-quarter net sales of 5.7 billion euros, a 23% year-on-year decline. Comparable operating profit fell 27% year-on-year to 846 million.
Nokia has been hurt by telecommunications operators cutting back on spending on their networks and by a slowdown in the pace of investments in India.