Nokia gets big profit lift from new-generation 5G networks
Nokia says its second-quarter earnings nearly doubled on the back of orders from telecom operators for new-generation 5G mobile networks that will be commercially launched en masse this year.
The Espoo, Finland-based company on Thursday said that its net profit for the April-June period was 258 million euros ($287 million), against 139 million euros a year earlier. Sales were up 7 per cent at 5.7 billion euros.
CEO Rajeev Suri said Nokia "delivered a strong second quarter, driven by 5G demand, a competitive end-to-end portfolio and strengthened operational execution".
He said Nokia has enhanced its position in the 5G market and now has a total of 45 commercial deals for the ultra-fast but more expensive networks.
Suri noted that global trade-related uncertainty and "challenges in the China market" remain risks this year.
[caption id="attachment_29073" align="alignnone" width="800"] FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo[/caption]