Nokia says revenue and margins to rise this year as turnaround gathers pace

Finnish telecoms equipment maker Nokia said on Thursday it expects its revenue to grow this year and set a higher target for long-term earnings margins as the company's recovery gathers pace after years of restructuring.

Nokia predicted its 2022 revenue will amount to between 22.6 billion euros and 23.8 billion euros ($25.5 billion-$26.9 billion), up from 22.2 billion last year. Analysts on average expected revenue of 23.06 billion, a Refinitiv poll showed.

"Our long-term target is to grow faster than the market and to achieve a comparable operating margin of at least 14%," Chief Executive Pekka Lundmark said in a statement.

The producer of 5G technology and other network gear proposed a dividend of 0.08 euro per share for the 2021 financial year, the first owners will receive since a quarterly payout in mid-2019.

Nokia will also start a share buyback scheme with an aim to return 600 million euros of cash to shareholders over a period of two years.