Fixed-line and wireless equipment maker Nokia on Thursday reported better-than-expected third-quarter earnings, mainly thanks to cost-cutting measures, but saw its sales fall 8 percent largely due to a weaker Indian market. weaker.
The Espoo, Finland-based company reported a net profit of 358 million euros ($389 million) for the July-September period, up 22 percent from 293 million euros ($318 million) for the year. former.
Net profit attributable to shareholders was €352 million ($382 million), up from €299 million a year earlier.
Like Nordic rival Ericsson of Sweden, Nokia has suffered this year and last year as operators cut investments in 5G and other telecoms technologies due to economic uncertainty and high financing costs.
Commenting on Nokia’s performance in the third quarter, CEO Pekka Lundmark said: “I am optimistic, we are now improving in many parts of our business, even if some continue to experience market weakness.”
Nokia’s sales fell 8 percent to 4.3 billion euros ($4.7 billion) compared to 4.7 billion euros ($5.1 billion) a year earlier. Lundmark said three-quarters of the company’s sales decline was due to India due to a strong quarter last year.
“Despite intense and continued competition, we remain disciplined on pricing while striking deals while remaining focused on improving the profitability of our business,” he said.
The net sales recovery (full year 2024) is happening more slowly than we previously expected; however, this is being partially offset by gross margin improvement and quick action on costs.
The Finnish company is one of the world’s leading suppliers of 5G equipment, the latest generation of broadband technology, along with Ericsson, China’s Huawei and South Korea’s Samsung.
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