Advertisement

Updated April 29th, 2021 at 16:05 IST

Nokia profit soars on buoyant sales for 5G technology

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

| Image:self
Advertisement

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 ($454 million) for the January-March period, up from 33 million euros a year earlier. Sales were up 3%, 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.

Advertisement

Published April 29th, 2021 at 16:05 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

Congress Press Conference
2 minutes ago
Vishwak Sen
8 minutes ago
 Development is BJP's Main Agenda Says Kangana Ranaut As She Launches Campaign In Mandi
12 minutes ago
Virat Kohli and Gautam Gambhir
15 minutes ago
Nagaland: ENPO Decides Not To Take Part In LS Poll Process Till Its Demands Are Met
18 minutes ago
INDI Parties Stage Protest in Mumbai, Calls Kejriwal's Arrest 'Illegal' , 'Unjustified'
20 minutes ago
Lok Sabha Elections 2024
22 minutes ago
Exam Results
23 minutes ago
Congress leader Mani Shankar Aiyar
25 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo