Nokia sees double
Time:2024-05-21 06:40:25 Source:travelViews(143)
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.
You may also like
- Yu Darvish extends scoreless innings streak to 25 in Padres' 9
- Reality bites in Asia over NATO push
- 2 dead, 26 injured in Hebei gas explosion
- Olives link northwest China with world
- Baby Reindeer's real
- Centennial celebrations of Chapman's Peak Drive held in Cape Town
- Chinese firms popular at Egypt's largest medical expo
- Israel discovers 1,900
- College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at