NOKIA SEES DOUBLE-DIGIT FALL IN Q2 PROFIT, SALES IN WEAK 5G MARKET BUT SEES IMPROVED 2ND HALF

Wireless and fixed-network equipment maker Nokia Thursday reported a double-digit fall in profit and sales in the second quarter due to a continuing weak market as clients are holding off investments in 5G technology.

The Espoo, Finland-based company reported a net profit of 328 million euros ($359 million) for the April-June period, down 20% from 409 million euros ($447 million) a year earlier. Net income attributable to shareholders was 325 million euros ($355 million), down from 410 million euros a year earlier.

Similarly to its Nordic rival Ericsson of Sweden, Nokia has suffered in the past year from operators cutting back on investments into 5G and other telecom technology because of economic uncertainty and high financing costs.