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Finnish telecoms equipment maker Nokia NOK-N on Tuesday gave its first guidance for 2022, easing investors’ concerns over the impact the global chip shortage may have had on its operations.

Nokia said it expected a comparable operating margin of 11-13.5 per cent in 2022, sending its shares up 2.8 per cent in the morning trade following the announcement.

“The outlook shows that the business turnaround is still progressing well and no offset is coming from cost inflation or component shortage,” Inderes analyst Atte Riikola told Reuters.

The company said it also expected to exceed its 2021 earnings guidance, with its venture fund investments driving the boost.

Nokia estimated a full-year 2021 comparable operating margin of 12.4-12.6 per cent, above its previous guidance of 10-12 per cent, and net sales of 21.7-€22.7-billion, within its previously announced range.

The company said its underlying business performed largely as expected in the fourth quarter.

“However, other operating income was higher than expected including further benefits from venture fund investments, leading to a stronger comparable operating margin exceeding the 2021 guidance,” it said in a statement.

Nokia now expects Q4 revenue of €6.4-billion, below expectations of €6.5-billion, according to Reuters calculations.

The company is due to report full-year results on Feb. 3.

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