Nokia turned in strong Q3 results, buoyed by 5G equipment sales, giving the company a much-needed boost.

Nokia is one of the top companies providing 5G equipment worldwide. Nonetheless, it often plays second fiddle to its competitors, especially Ericsson and Samsung. The latest quarter contained good news for the company.

According to The Seattle Times, Nokia’s sales came in at 6.2 billion euros, a 16% increase.

“As we start to look beyond 2022, we recognize the increasing macro and geopolitical uncertainty within which we operate,” CEO Pekka Lundmark said in a statement. “While it could have an impact on some of our customers’ … spending, we currently expect growth on a constant currency basis in our addressable markets in 2023.”

Lundmark says the third-quarter results “demonstrates we are delivering on our ambition to accelerate growth.”

“Considering our recent success in new 5G deals in regions like India which are expected to ramp up strongly in 2023, we believe we are firmly on a path to outperform the market and to make progress towards achieving our long-term margin targets,” he added.