Wireless and fixed-network equipment maker Nokia has reported a double-digit fall in profit and sales in the second quarter due to a continuing weak market as clients are holding off investments in 5G technology. The Espoo, Finland-based company, reported Thursday a net profit of 328 million euros for the April-June period, down 20% from 409 million euros a year earlier. Net income attributable to shareholders was 325 million euros, down from 410 million euros a year earlier. Similarly to its Nordic rival Ericsson of Sweden, Nokia has suffered in the past year from operators cutting back on investments into 5G and other telecom technology because of economic uncertainty and high financing costs.
