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

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Sweden,General News,Huawei Technologies Co Ltd

Wireless and fixed-network equipment maker Nokia has 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.

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.

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