Finnish telecommunications equipment manufacturer Nokia Oyj announced today, Thursday, better-than-expected results during the last quarter of last year thanks to cost reduction and increased demand for its telecommunications network equipment sector.

The company, which is struggling with declining demand for 5G telecommunications technology from telecommunications network companies, announced operating profits of 846 million euros (920 million dollars) during the last quarter of last year, while analysts surveyed by Bloomberg News agency expected operating profits of 762.7 million euros.

Last month, Nokia already warned of the possibility of not achieving the targeted operating profits, sales, and cash flows for the entire last year.

Nokia lost a $14 billion contract to upgrade the wireless network of the U.S. company AT&T, which went to its Swedish competitor Ericsson. This news added to an already turbulent year for the company, which, like its Swedish competitor, faces a decline in telecommunications companies' spending on network upgrades or 5G network deployment.

Over the 12 months until yesterday, Wednesday, Nokia's share price fell by nearly 25%.