Nokia profits down, sees economy impacting client spending
Wireless and fixed-network equipment maker Nokia has reported lower than expected profits as it warned that the current uncertain economic situation was starting to impact spending by operators and other customers
By AP News
Published - Apr 20, 2023, 04:36 AM ET
Last Updated - Jun 22, 2023, 05:37 AM EDT
HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia on Thursday reported lower than expected profits as it warned that the current economic situation was starting to impact spending by operators and other customers.
The Espoo, Finland-based company reported net profit of 342 million euros ($375 million) for the January-March period, down 18% from 416 million euros a year earlier. Net income attributable to shareholders was 332 million euros, down from 409 million euros the previous year.
Nokia’s sales were up 10% at 5.9 billion euros.
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.
