Nokia reports Q1 profit on high sales of new generation 5G equipment

Nokia reports Q1 profit on high sales of new generation 5G equipment

FPJ Web DeskUpdated: Thursday, April 29, 2021, 03:56 PM IST
article-image
Nokia |

Wireless network maker Nokia on Thursday reported substantially improved, better than expected first-quarter profit on buoyant sales of its new generation 5G equipment.

The company based in Espoo, Finland, reported net profit of 375 million euros (USD454 million) for the January-March period, up from 33 million euros a year earlier. Sales were up 3per cent, to 5.1 billion euros.

CEO Pekka Lundmark said the figures “delivered a robust start to the year” for Nokia, which is seeking to become a global leader in 5G technology in a tight race with Nordic competitor Ericsson, China's Huawei and South Korea's Samsung, among others.

“Today's results demonstrate that we are on track to deliver on our three-phased plan to achieve sustainable, profitable growth and technology leadership as announced,” Lundmark said in a statement.

Nokia said the company's operations were driven in the quarter by strong growth in sales for 5G networks and equipment, particularly in the U.S and Chinese markets.

Under the leadership of Lundmark, who took over the company's top job last year, Nokia has revamped its business strategy. He has said that Nokia aims to become the world leader in 5G - the new generation of broadband technology - even if it means sacrificing short-term profitability.

RECENT STORIES

Kraft Heinz To Set Up Separate Companies Of $20 Billion, An "Extreme Reversal" For A Firm Hailed As...

Kraft Heinz To Set Up Separate Companies Of $20 Billion, An

Not Filing One's Income Tax Return On Time Incurs Late Filing Charges, Says Section 234F Of Income...

Not Filing One's Income Tax Return On Time Incurs Late Filing Charges, Says Section 234F Of Income...

The Wealth Company : One Of The Fastest Scaled-up Investment Management, Making Impact

The Wealth Company : One Of The Fastest Scaled-up Investment Management, Making Impact

Air Cargo Industry Consistently Shows Strength & Adaptability During Challenging Times, Says Sanjiv...

Air Cargo Industry Consistently Shows Strength & Adaptability During Challenging Times, Says Sanjiv...

India's Net Direct Tax Collection Falls 1.3% Year-On-Year To 5.6 Trillion Rupees, Says Income Tax...

India's Net Direct Tax Collection Falls 1.3% Year-On-Year To 5.6 Trillion Rupees, Says Income Tax...