Nokia Q2 profit falls 32% on weak demand for telecom gear
2024.07.18 01:29
(Reuters) -Finnish telecom equipment maker Nokia (HE:) said on Thursday its operating profit fell 32% in the second quarter, as demand for 5G telecom equipment remained weak.
Its comparable operating profit fell to 423 million euros ($462.38 million), from 619 million euros in the same quarter a year earlier.
Nokia and its Swedish rival Ericsson (BS:) have both been hit by customers buying less telecom equipment.
“Our financial performance in the second quarter continued to be impacted by the ongoing market weakness with net sales
declining 18% year-on-year in constant currency,” CEO Pekka Lundmark said in a statement.
He said however that sales should improve in the second half, helped by Nokia’s order intake particularly in the Networks division.
The company kept its full-year outlook.
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