Finnish telecommunications equipment giant Nokia reported on Thursday an 89 percent rise in net profit for 2024, with sales surging in India and North America in the final three months of the year.

Nokia said its profit after tax reached 1.28 billion euros ($1.33 billion) last year.

Investors have been watching for signs of recovery from the telecoms equipment market, which has struggled the past year with operators’ sluggish investments in saturated markets and slowing growth in India.

Annual sales fell nine percent to 19.2 billion euros, with India accounting for the biggest drop.

But sales grew 10 percent in the fourth quarter to reach 5.98 billion euros, above the 5.74 billion euros forecast by analysts surveyed by Bloomberg.

They grew by 22 percent in India alone in the final quarter compared to the same three-month period in 2023.

“I am optimistic that the improving market trends we are now seeing will persist into 2025,” chief executive Pekka Lundmark said in a statement.

The group logged sharp sales growth of 17 percent in network infrastructure in the fourth quarter, boosted by a “strong recovery” in demand from telecom operators in North America, he said.

Nokia’s neighbouring rival, Swedish telecoms equipment group Ericsson, reported last week that it returned to profit in 2024, with sales edging higher in the final quarter of the year.