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Nokia gets big profit lift from new-generation 5G networks

Posted at 12:06 AM, Jul 25, 2019
and last updated 2019-07-25 03:06:52-04

HELSINKI (AP) — 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 said Thursday 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% 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.