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Finnish telecom equipment maker Nokia reported a sharp drop in profits in the second quarter. The result was mainly negatively affected by weak demand for 5G network technology.
The company’s operating profit fell to 423 million euros, compared with 619 million euros in the second quarter of 2023. “Our second quarter financial results continued to be impacted by ongoing market weakness, with net sales down 18% year-over-year,” Chief Executive Officer Pekka Lundmark said in a statement. Lundmark added that sales should improve in the second half of the year, particularly in the network division, due to higher order expectations.
At the same time, the company confirmed its outlook and expects operating profit of between 2.3 and 2.9 billion euros in 2024.
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