Nokia's Q2 Operating Profit Drops Amid Weak 5G Demand.  CEO Acknowledges Challenging Market Amid Cautious Spending.

Benzinga
Benzinga
  • 2 months ago
Nokia reported a drop in second-quarter operating profit due to weak demand for its 5G equipment. Net sales fell to their lowest level in nearly nine years, and comparable operating profit declined from a year earlier. The decline was largely due to a tough comparison with India's rapid 5G rollout. Nokia's CEO said the market remains challenging as operators are cautious about infrastructure spending. Nokia expects sales growth to accelerate in the second half of the year based on recent order intake. The company is on track to meet its full-year outlook.

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00:00It's Benzinga and here's what's on the block.
00:02Nokia reported a drop in second-quarter operating profit due to weak demand for its 5G equipment.
00:08Net sales fell to their lowest level in nearly nine years and comparable operating profit
00:13declined from a year earlier.
00:15The decline was largely due to a tough comparison with India's rapid 5G rollout.
00:19Nokia's CEO said the market remains challenging as operators are cautious about infrastructure
00:24spending.
00:25Nokia expects sales growth to accelerate in the second half of the year based on recent
00:29order intake.
00:30The company is on track to meet its full-year outlook.
00:33For all things money, visit Benzinga.com.

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