Wireless and fixed-network equipment maker Nokia Thursday 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 a net profit of 328 million euros (USD 359 million) for the April-June period, down 20 per cent from 409 million euros (USD 447 million) a year earlier. Net income attributable to shareholders was 325 million euros (USD 355 million), 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.
Our financial performance in the second quarter continued to be impacted by the ongoing market weakness with net sales declining 18 per cent year-on-year in constant currency, Nokia CEO Pekka Lundmark said in a statement. Nokia's sales
