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Nokia reports net profit of €316m despite a drop in revenue

by Peter Smyth Tech Journalist

The Espoo, Finland based maker of the new generation 5G mobile and other networks has reported a €316m net profit up by 22% in the period for April to June.

Earnings were better than reported in the second quarter due to improved margins on telecoms equipment, despite reporting a huge drop in revenue amid the crisis. Nokia reported that sales were down by 11% to €5.1bn.

Nokia’s Chief executive Rajeev Suri said, that revenue was down due to “the result of Covid-19 as well as a sharp decline in China based on the prudent approach we have taken in that market.”

In the second quarter estimated net sale were affected by around €300m and in the first half of the year, by around €500m.

Suri said that Nokia have completed 85 commercial deals for the new generation 5G network technology that allows ultra-fast downloading speeds.

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