COPENHAGEN, Denmark (AP) — Wireless and fixed-network equipment maker Nokia on Thursday reported first-quarter operating profits of 354 million euros, down 18% from a year ago.

The Espoo, Finland-based company said net sales in the first quarter grew 1% in constant currency to 5.348 billion euros.

CEO Pekka Lundmark said that Q1 “was a strong start for the year both in terms of net sales and profitability.”

Nokia was “shocked” by Russia’s invasion of Ukraine and said earlier this month that “it will exit the Russian market “in a responsible way and aim to provide the necessary support to maintain our customers’ networks, as we exit.”

Nokia has suspended deliveries, stopped new business and moved research and development activities out of Russia which accounted for less than 2% of Nokia’s sales in 2021. The Finnish Telecoms network and 5G technology supplier said the exit will have no impact on its financial outlook this year.

“The demand environment remains strong and while supply chain and inflation challenges remain, we are confident we can deliver our 2022 outlook and continue to make good progress towards our long-term targets,” Lundmark said in a statement.

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