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Nokia Q2 profit beats expectations on strong 5G demand

HELSINKI (AP) – Wireless and fixed-network equipment maker Nokia yesterday reported a second-quarter profit above analyst expectations on strong demand for 5G technology from phone operators and improved competitiveness of its main business units.

The Espoo-based company reported net profit of EUR585 million (USD597 million) for the April-June period compared with EUR539 million a year earlier.

Net income attributable to shareholders was up nine per cent at EUR582 million, from EUR532 million a year earlier. Nokia’s sales were up 11 per cent at EUR5.9 billion.

CEO Pekka Lundmark said in a statement “we delivered another quarter of robust profitability”, adding that he was particularly pleased to see Nokia’s two main business units – Mobile Networks and Network Infrastructure – performing well.

“Our continuing investments in technology leadership and competitiveness are showing results. We are confident that we will deliver growth on a full-year basis this year,” Lundmark said in a video message published on YouTube after the release of the earnings report.

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.