Nokia sees double
HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia on Thursday reported a smaller-than-expected profit and a double-digit fall in sales in the first quarter due to a market weakened by a lack of clients investing in 5G technology.
The Espoo, Finland-based company reported a net profit of 501 million euros ($535 million) for the January-March period, up 46% from 342 million euros a year earlier. The figure was still lower than analysts had expected.
One-off gains from Nokia’s licensing business contributed to the profit.
Net income attributable to shareholders was 497 million euros, up from from 332 million euros a year earlier. Nokia’s sales were down 20% at 4.7 billion euros.
The ongoing weakness in the telecom equipment market, where operators are cutting back on investments into 5G and other technology because of economic uncertainty and high financing costs, prevailed in the first quarter “as expected,” Nokia’s CEO Pekka Lundmark said.
Related articles
Morgan Spurlock's 'Super Size Me' documentary earned him millions
It was an experiment that many documentary makers would rather have passed up but one which a self-c2024-05-29Rumer Willis celebrates daughter Louetta's first birthday with heart
Bruce Willis and Demi Moore's daughter Rumer Willis marked her own baby girl Louetta's first birthda2024-05-29Inside Tori Spelling's VERY youthful skater girl makeover following divorce from Dean McDermott
Tori Spelling has completely reinvented her personal style since her split from husband Dean McDermo2024-05-29Konnor McClain, Haleigh Bryant help LSU women win first NCAA gymnastics title
FORT WORTH, Texas (AP) — Konnor McClain scored a 9.9625 on the beam — one of five LSU gymnasts with2024-05-29Four in ten private school pupils driven out by Sir Keir Starmer's tax raid, report reveals
Labour's tax raid on private schools would force nearly half of fee-paying pupils into the state sys2024-05-29Ingenious ways to escape boring conversations without appearing rude
Perfecting the art of conversation is a powerful tool - but so too, it seems, is learning how to esc2024-05-29
atest comment