HELSINKI — Wireless and fixed-network equipment maker Nokia on Thursday reported a smaller-than-expected profit and a double-digit fall in sales in the first quarter due to a market weakened by a lack of clients investing in 5G technology.
The ongoing weakness in the telecom equipment market, where operators are cutting back on investments into 5G and other technology because of economic uncertainty and high financing costs, prevailed in the first quarter “as expected,” Nokia’s CEO Pekka Lundmark said.“However, we have seen continued improvement in order intake, meaning we remain confident in a stronger second half and achieving our full-year outlook,” Lundmark said in a statement.
He said the mobile network unit, Nokia’s second biggest business entity, was impacted by particularly low levels of spending in 5G technology in North America and India during the first quarter.Some Truth Social users bemoaned the crash, looking for someone to blame as the shares continued to tank this week.Sign up for a free trial today!
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