Nokia sees double-digit fall in January-March sales as weak market for 5G technology prevails [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
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, but lower than the predicted figure of 501 million euros. One-off gains from Nokia's licensing business contributed to the profit. Article content Article content 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
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