Nokia 3Q Mid Quarter Update

Nokia Corporation
09 September 2003


Nokia expects EPS at the high end or slightly above third-quarter guidance


Nokia today provided a scheduled mid-quarter update to the company's business
outlook for the third quarter 2003.


Based on developments in the first two months of the third quarter, pro forma
EPS (diluted) for the Nokia group is expected to be at the high end or slightly
above previously stated guidance of EUR 0.15 to EUR 0.17. This mainly reflects
continued strong mobile phone pro forma operating margins. Reported EPS
(diluted) is also expected to be at the high end or slightly above the
previously guided range of EUR 0.14 to EUR 0.16.


In mobile phones, the company continues to expect third-quarter sales to be flat
or slightly down year on year, largely due to a major depreciation of the US
dollar compared with the same period in 2002. Strong profitability at Nokia
Mobile Phones is expected to continue. During the quarter, mobile phone volume
growth for Nokia and the industry overall has been strong. Nokia continues to
expect the company to show faster-than-market volume growth of well over 10%
year on year for the third quarter.


In mobile networks, the market appears to be stabilising and ongoing
restructuring at Nokia Networks is continuing on plan. Third-quarter sales at
Nokia Networks are estimated to decline by 15% to 20% year on year, in line with
previous guidance, while pro forma operating profit is now expected to be close
to breakeven.


It should be noted that certain statements herein which are not historical
facts, including, without limitation, those regarding A) the timing of product
deliveries; B) our ability to develop and implement new products and
technologies; C) expectations regarding market growth and developments; D)
expectations for growth and profitability; and E) statements preceded by
'believe,' 'expect,' 'anticipate,' 'foresee' or similar expressions, are
forward-looking statements. Because these statements involve risks and
uncertainties, actual results may differ materially from the results that we
currently expect.  Factors that could cause these differences include, but are
not limited to: 1) developments in the mobile communications market including
the continued development of the mobile phone replacement market and the timing
and success of the roll-out of new products and solutions based on 3G and
subsequent new technologies; 2) demand for our products and solutions; 3) the
development of the mobile software and services market in general; 4) the
availability of new products and services by network operators; 5) market
acceptance of new products and service introductions; 6) the intensity of
competition in the mobile communications market and changes in the competitive
landscape; 7) the impact of changes in technology; 8) general economic
conditions globally and in our most important markets; 9) pricing pressures; 10)
consolidation or other structural changes in the mobile communications market;
11) the success and financial condition of the Company's partners, suppliers and
customers; 12) the management of the Company's customer financing exposure; 13)
the success of our product development; 14) our success in maintaining efficient
manufacturing and logistics as well as high product quality; 15) the ability of
the Company to source quality components and research and development without
interruption and at acceptable prices; 16) our ability to have access to the
complex technology involving patents and other intellectual property rights
included in our products and solutions; 17) inventory management risks resulting
from shifts in market demand; 18) fluctuations in exchange rates, including, in
particular, the fluctuations between the euro, which is our reporting currency,
and the US dollar and the Japanese yen; 19) the impact of changes in government
policies, laws or regulations; as well as 20) the risk factors specified on
pages 11 to 18 of the Company's Form 20-F for the year ended December 31, 2002.


Media and Investor Contacts:

Corporate Communications, tel.[phone] or [phone]

Investor Relations Europe, tel. [phone]

Investor Relations US, tel. [phone]

www.nokia.com


- Nokia plans a 3Q announcement for October 16, 2003.

- A results announcement for 4Q 2003 is planned for January 22, 2004.

                      This information is provided by RNS
            The company news service from the London Stock Exchange