News Formal

Nokia sees double-digit fall in January-March sales as weak market for 5G technology prevails

  • 📰 AP
  • ⏱ Reading Time:
  • 14 sec. here
  • 15 min. at publisher
  • 📊 Quality Score:
  • News: 54%
  • Publisher: 51%

Production Facilities News

Huawei Technologies Co Ltd,General News,World News

Wireless and fixed-network equipment maker Nokia has reported a smaller-than-expected profit and a substantial double-digit fall in sales in the first quarter due to a market weakened by a lack of investment by clients in 5G technology.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 728. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

U.S. companies announced over 90,000 job cuts in March — the highest number since January 2023Some companies are reverting to a 'do more with less' approach, according to a report from Challenger, Gray & Christmas.
Source: CBSHealth - 🏆 480. / 51 Read more »