Nokia Corp 6-K, filed Jul 14, 2021

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a -16 or 15d -16 of

the Securities Exchange Act of 1934

Report on Form 6-K dated July 13, 2021

(Commission File No. 1-13202)

Nokia Corporation

Karakaari 7A

FI-02610 Espoo

Finland

(Name and address of registrant’s principal executive office)

Enclosures:

Stock Exchange Release: Nokia expects to revise upwards its 2021 financial guidance

Nokia Corporation

Inside information

13 July 2021 at 9:00 EET

Nokia expects to revise upwards its 2021 financial guidance

Espoo, Finland – Nokia is today providing an update to its financial guidance for full year 2021. In the second quarter Nokia saw continued strength in the business, improving its expectations for the full year. Nokia now expects to revise upwards its prior outlook ranges for 2021. Nokia plans to provide full details on its second quarter and half-year financial performance and revised full year 2021 guidance on 29 July 2021.

The previous outlook for 2021 (reiteratedon 29 April 2021) was:

^1)^ Assuming continuationof 2020 year-end EUR/USD rate of 1.23.

“We are progressing well with our three-phased plan to achieve sustainable, profitable growth and technology leadership laid out at our Capital Markets Day in March. Our first half performance has shown evidence of this in good cost control and also benefited from strength in a number of our end markets. We continue to expect some headwinds in the second half as we have previously highlighted but our performance in the first half provides a good foundation for the full year,” said Pekka Lundmark, Nokia President and CEO.

The company will release its second quarter and half year 2021 financial results on Thursday 29 July 2021.

Nokia will conduct a conference call with analysts and investors to discuss its second quarter performance and business outlook on 29 July 2021 at 11:30am EET / 9:30am BST / 4:30am US EST.

About Nokia

At Nokia, we create technology that helps the world act together.

As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

Adhering to the highest standards of integrity and security, we help build the capabilities needed for a more productive, sustainable and inclusive world.

www.nokia.com

Inquiries:

Nokia

Communications

Phone: +358 10 448 4900

Email: press.services@nokia.com

Katja Antila, Head of Media Relations

Nokia

Investor Relations

Phone: +358 40 803 4080

Email: investor.relations@nokia.com

www.nokia.com

Forward-looking statements

It should be noted that Nokia and its businessesare exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements.These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding:A) expectations, plans or benefits related to our strategies, growth management and operational key performance indicators; B) expectations,plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of that impact ofCOVID-19 on our businesses, our supply chain and our customers’ businesses) and any future dividends including timing and qualitativeand quantitative thresholds associated therewith; C) expectations and targets regarding financial performance, cash generation, results,the timing of receivables, operating expenses, taxes, currency exchange rates, hedging, cost savings, product cost reductions and competitiveness,as well as results of operations including targeted synergies, better commercial management and those results related to market share,prices, net sales, income and margins; D) expectations, plans or benefits related to changes in organizational and operational structure;E) expectations regarding competition within our market, market developments, general economic conditions and structural and legal changeglobally and in national and regional markets, such as China; F) our ability to integrate acquired businesses into our operations andachieve the targeted business plans and benefits, including targeted benefits, synergies, cost savings and efficiencies; G) expectations,plans or benefits related to any future collaboration or to business collaboration agreements or patent license agreements or arbitrationawards, including income to be received under any collaboration or partnership, agreement or award; H) timing of the deliveries of ourproducts and services, including our short term and longer term expectations around the rollout of 5G, investment requirements with suchrollout, and our ability to capitalize on such rollout; I) expectations and targets regarding collaboration and partnering arrangements,joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as ourexpected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigationsby authorities; K) expectations regarding restructurings, investments, capital structure optimization efforts, uses of proceeds from transactions,acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings,investments, capital structure optimization efforts, divestments and acquisitions, including our current cost savings program; L) expectations,plans or benefits related to future capital expenditures, reduction of support function costs, temporary incremental expenditures or otherR&D expenditures to develop or rollout software and other new products, including 5G, ReefShark and increased digitalization; M) expectationsregarding our customers' future actions, including our customers’ capital expenditure constraints and our ability to satisfy customer’sneeds and retain their business; and N) statements preceded by or including “believe”, “expect”, “expectations”, “deliver”, “maintain”, “strengthen”, “target”, “estimate”, “plan”, “intend”, “assumption”, “focus”, “continue”, “should", "will” orsimilar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond ourcontrol, which could cause our actual results to differ materially from such statements. These statements are based on management’sbest assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictionsbased upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficultto predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertaintiesthat could cause these differences include, but are not limited to: 1) our strategy is subject to various risks and uncertainties andwe may be unable to successfully implement our strategic plans, sustain or improve the operational and financial performance of our businessgroups, correctly identify or successfully pursue business opportunities or otherwise grow our business; 2) general economic and marketconditions, general public health conditions (including its impact on our supply chains) and other developments in the economies wherewe operate, including the timeline for the deployment of 5G and our ability to successfully capitalize on that deployment; 3) competitionand our ability to effectively and profitably invest in existing and new high-quality products, services, upgrades and technologies andbring them to market in a timely manner; 4) our dependence on the development of the industries in which we operate, including the cyclicalityand variability of the information technology and telecommunications industries and our own R&D capabilities and investments; 5) ourdependence on a limited number of customers and large multi-year agreements, as well as external events impacting our customers includingmergers and acquisitions and the possibility of our customers awarding business to our competitors; 6) our ability to maintain our existingsources of intellectual property-related revenue through our intellectual property, including through licensing, establishing new sourcesof revenue and protecting our intellectual property from infringement; 7) our ability to manage and improve our financial and operatingperformance, cost savings, competitiveness and synergies generally, expectations and timing around our ability to recognize any net salesand our ability to implement changes to our organizational and operational structure efficiently; 8) our global business and exposureto regulatory, political or other developments in various countries or regions, including emerging markets and the associated risks inrelation to tax matters and exchange controls, among others; 9) our ability to achieve the anticipated benefits, synergies, cost savingsand efficiencies of acquisitions; 10) exchange rate fluctuations, as well as hedging activities; 11) our ability to successfully realizethe expectations, plans or benefits related to any future collaboration or business collaboration agreements and patent license agreementsor arbitration awards, including income to be received under any collaboration, partnership, agreement or arbitration award; 12) NokiaTechnologies' ability to protect its IPR and to maintain and establish new sources of patent, brand and technology licensing income andIPR-related revenues, particularly in the smartphone market, which may not materialize as planned, 13) our dependence on IPR technologies,including those that we have developed and those that are licensed to us, and the risk of associated IPR-related legal claims, licensingcosts and restrictions on use; 14) our exposure to direct and indirect regulation, including economic or trade policies, and the reliabilityof our governance, internal controls and compliance processes to prevent regulatory penalties in our business or in our joint ventures;15) our reliance on third-party solutions for data storage and service distribution, which expose us to risks relating to security, regulationand cybersecurity breaches; 16) inefficiencies, breaches, malfunctions or disruptions of information technology systems, or our customers’security concerns; 17) our exposure to various legal frameworks regulating corruption, fraud, trade policies, and other risk areas, andthe possibility of proceedings or investigations that result in fines, penalties or sanctions; 18) adverse developments with respect tocustomer financing or extended payment terms we provide to customers; 19) the potential complex tax issues, tax disputes and tax obligationswe may face in various jurisdictions, including the risk of obligations to pay additional taxes; 20) our actual or anticipated performance,among other factors, which could reduce our ability to utilize deferred tax assets; 21) our ability to retain, motivate, develop and recruitappropriately skilled employees; 22) disruptions to our manufacturing, service creation, delivery, logistics and supply chain processes,our ability to procure certain standard components such as semiconductors, and the risks related to our production sites; 23) the impactof litigation, arbitration, agreement-related disputes or product liability allegations associated with our business; 24) our abilityto re-establish investment grade rating or maintain our credit ratings; 25) our ability to achieve targeted benefits from, or successfullyimplement planned transactions, as well as the liabilities related thereto; 26) our involvement in joint ventures and jointly-managedcompanies; 27) the carrying amount of our goodwill may not be recoverable; 28) uncertainty related to the amount of dividends and equityreturn (if any) we are able to distribute to shareholders for each financial period; 29) pension costs, employee fund-related costs, andhealthcare costs; 30) our ability to successfully complete and capitalize on our order backlogs and continue converting our sales pipelineinto net sales; 31) risks related to undersea infrastructure; and 32) the scope and duration of the COVID-19 impact on the global economyand financial markets as well as our customers, supply chain, product development, service delivery, other operations and our financial,tax, pension and other assets, and the shape of the economic recovery following the pandemic as well as the risk factors specified inour 2020 annual report on Form 20-F published on March 4, 2021 under "Operating and financial review and prospects-Risk factors"and in our other filings or documents furnished with the U.S. Securities and Exchange Commission. Other unknown or unpredictable factorsor underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-lookingstatements. We do not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information,future events or otherwise, except to the extent legally required.

www.nokia.com

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Nokia Corporation, has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.