Nokia sees double-digit fall in Q2 profit, sales in weak 5G market but sees improved 2nd half

HELSINKI — 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.

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. “Looking forward, we believe the industry is stabilizing and given the order intake seen in recent quarters we expect a significant acceleration in net sales growth in the second half,” he said.

Goldman Sachs issued a warning that an S&P 500 correction is imminent and advised investors against buying the dip.NEW YORK -Global equity indexes mostly fell on Wednesday as possible U.S. trade curbs on chip equipment pulled tech stocks lower, while Treasury yields and the dollar both hit four-month lows as Federal Reserve officials indicated the central bank was getting closer to cutting interest rates.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nokia to Buy Networking Company Infinera in $2.3 Billion DealNokia Oyj has agreed to acquire Infinera Corp. in a transaction valuing the maker of optical telecommunications equipment at $2.3 billion including debt.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Infinera stock soars on $2.3 billion Nokia acquisitionNetwork provider Infinera (INFN) saw its shares soar on Friday after it agreed to be acquired by Nokia (NOK) for $2.3 billion. The investment is seen as...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »