AP

Nokia 2Q profit beats expectations on strong 5G demand

Jul 21, 2022, 1:07 AM | Updated: 1:11 am

HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia on Thursday 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 585 million euros ($597 million) for the April-June period compared with 539 million euros a year earlier.

Net income attributable to shareholders was up 9% at 582 million euros, from 532 million a year earlier.

Nokia’s sales were up 11% at 5.9 billion euros.

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.

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Nokia 2Q profit beats expectations on strong 5G demand