Pekka Lundmark: Thank you, Marco. To summarize, our third quarter performance demonstrated resilience in our operating margin despite the impact of the weaker environment on our net sales. In the last three years, we have invested heavily to strengthen our technology leadership across the business giving us a firm foundation to weather this period of market weakness. We continue to believe in the mid to long-term attractiveness of our markets. Data traffic is expected to continue to grow 20% to 30% per year. And actually, the big picture is pretty simple. I mean, the whole world is talking about cloud computing and AI evolutions and there are huge expectations from both. But neither of the two cloud computing or AI evolutions will materialize without significant investments in networks that have vastly improved capabilities.
So that’s why we believe that this is a question of timing, but however, since that timing of market recovery is uncertain, we are now taking decisive action on three levels, strategic, operational and cost, as I described. So I believe that these actions will make a significant contribution to creating value for our shareholders. So with that, over to David for Q&A.
David Mulholland: Thank you, Pekka and Marco, for the remarks. Before we start the Q&A, I just wanted to highlight that, as Pekka mentioned, we do plan to hold an analyst and investor progress update event on the 12th of December at our headquarters in Espoo, Finland. We hope many of you will be able to join us in person and registration details will be coming out next week. At the event, we will have presentations from Pekka and Marco on the evolution of our operating model along with an update from Tommi Uitto on what we’re doing in mobile networks along with Raghav Sahgal on Cloud and Network Services. With that, let’s start the Q&A. [Operator Instructions] Alice, could you please give the instructions?
A – David Mulholland: Thank you, Alice. We’ll take our first question from Alex Peterc from Société Générale. Alex, please go ahead.
Alex Peterc: Yes, good morning. And thank you for taking my question. My first question would be really on what we should read into your substantial new cost cutting plan. Is that merely what you think is required to get you to 14% margin by 2024 or should we also read into this that you plan for potentially a longer and more protracted deeper downturn in your end markets? Without guiding on 2024, could you give us some sense of direction there? And then I have a quick follow-up. Thank you.
Pekka Lundmark: Yes, thank you. And when it comes to a long-term target, we have said that we aim to reach that by 2026, we haven’t given any more specific on that. And when it comes to 2024, so we cannot give you any guidance on that yet. We will get back to that in our quarter four report. Otherwise, the cost cutting program, we are taking actions now to be prepared for the market conditions that we see right now. And as we said also that depending how the market evolves over the next coming years, how much we will basically do the cost cuttings and what levels we will get and that’s why we’re giving you this interval as well.
Marco Wiren: Really, if I add 1 thing, the key thing here really is to be prepared for various scenarios. We are not saying necessarily that this would be a long downturn, but the thing is that it is impossible to say exactly how long it will last. We just want to be prepared for different possibilities.
Alex Peterc: Thank you. Just a very quick follow-up. You do note the ongoing inventory reduction at your customers that affects your top line, and it was very visible in the quarter. Could you help us understand where you think we are in this destocking cycle at your Mobile and Fixed Network operator clients in major geographies? Thank you.
