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Estimating Nokia's Revenues
Networks RevenuesNokia's networking revenues declined from around EUR 22.6 billion in FY'16 to about EUR 21 billion in 2018, as 4G related spending declined. However, we expect sales to expand over the next two years, driven by 5G upgrades.
Overall Networks Revenues
Licencing RevenuesWhile licensing accounts for less than 10% of Nokia's revenues, margins are significantly thicker. Licensing sales stood at about EUR 1.5 billion in 2018. We expect sales to increase modestly over the next two years.