Tietoevry's Q4 was slightly weaker than our low expectations. The market environment remains challenging and the guidance points to a similar performance as last year, after which we expect the company to return to a better earnings growth path. The company also said that the strategic review of Tech Service will be completed in March, but there is more pressure on the selling price than before.

We are launching our own Rule of 20 for the IT services sector, which we believe works well, if not best, as a single parameter to measure the operational performance of the sector and especially of the companies.

In the coming year, companies should be able to see who has adapted to the changing market situation and whose strategy is working.

The IT services sector's Q3 results were met with a cautious mood after five companies in the sector issued profit warnings in just over a month. The decline in working day-adjusted organic revenue development for the sector's companies accelerated slightly as customers continued to economize, although the comparison period was already weak for most of them. Profitability, on the other hand, was significantly higher year-on-year, but the group was clearly divided between strong and weak performers.