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They build equipment for 5g base stations beside other things. And because of Huawei ban in many countries they are a leader on the market.

They don't make just phones - they make cables, infrastructure, etc etc.

They don't even make phones anymore, that division got sold to Microsoft (we all know how that went), and is now owned by HMD Global, who funnily enough has their HQ across the street from Nokia HQ, and has a funnily high number of former Nokia phone execs in their leadership.

The thing that went bankrupt, afaik, were the phones division that got sold off. Nokia phones, after their short stint at Microsoft, are now manufactured by HMD, who conveniently has their HQ right across the street from Nokia HQ. Nokia, the rest of the non-phone company, makes telecom stuff, and I don't think ever went under, just suffered quite badly.