Nokia profits fall as clients particularly in North America shun investments
Wireless and fixed-network equipment maker Nokia has reported a fall in second quarter profit as clients especially in North America postponed investments due to a slowdown in economic growth and rising financing costs
HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia on Thursday reported a fall in second quarter profit as clients especially in North America postponed investments due to a slowdown in economic growth and rising financing costs.
The Espoo, Finland-based company reported net profit of 414 million euros ($464 million) for the April-June period, down 29% from 585 million euros a year earlier. Net income attributable to shareholders was 415 million euros, down from 582 million euros the previous year.
Nokia’s sales were down 3% at 5.7 billion euros.
Among other network products, Nokia is one of the world’s main suppliers of 5G, the latest generation of broadband technology, along with Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung.
