in ,

Nokia first-quarter profit soars on buoyant sales of its new generation 5G technology


Wireless network maker Nokia on Thursday reported substantially improved, better than expected first-quarter profit on buoyant sales of its new generation 5G equipment.

The company based in Espoo, Finland, reported net profit of 375 million euros ($454 million) for the January-March period, up from 33 million euros a year earlier. Sales were up 3 percent, to 5.1 billion euros.

For the latest headlines, follow our Google News channel online or via the app.

CEO Pekka Lundmark said the figures “delivered a robust start to the year” for Nokia, which is seeking to become a global leader in 5G technology in a tight race with Nordic competitor Ericsson, China’s Huawei and South Korea’s Samsung, among others.

“Today’s results demonstrate that we are on track to deliver on our three-phased plan to achieve sustainable, profitable growth and technology leadership as announced,” Lundmark said in a statement.

Nokia said the company’s operations were driven in the quarter by strong growth in sales for 5G networks and equipment, particularly in the US and Chinese markets.

Under the leadership of Lundmark, who took over the company’s top job last year, Nokia has revamped its business strategy. He has said that Nokia aims to become the world leader in 5G — the new generation of broadband technology — even if it means sacrificing short-term profitability.



Source alarabiya

90min

How to watch & team news

Photographers have revealed the sharp differences between portraits released by the Cambridges and the Sussexes after Kate Middleton and Prince William posed in front of a tree, weeks after Prince Harry and Meghan Markle did the same

Inspired by Prince Harry and Meghan Markle? Duke and Duchess of Cambridge pose in a tree