Wireless and fixed-network equipment maker Nokia has reported a smaller-than-expected profit and a substantial double-digit fall in sales in the first quarter. The figures were due to a market weakened by a lack of investment by clients in 5G technology. The Finnish company reported a net profit of 501 million euros for the January-to-March period, […]
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Nokia sees double-digit fall in Q1 amid weak 5G demand
Wireless and fixed-network equipment maker Nokia has reported a smaller-than-expected profit and a substantial double-digit fall in sales in the first quarter. The figures were due to a market weakened by a lack of investment by clients in 5G technology. The Finnish company reported a net profit of 501 million euros for the January-to-March period, up 46% from 342 million euros a year earlier. Nokia’s CEO said the ongoing weakness in the telecom equipment market was expected, because of economic uncertainty and high financing costs.