Profit statements

Nokia 2Q earnings beat expectations on strong 5G demand

HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia on Thursday reported second-quarter profit that beat analysts’ expectations on strong demand for 5G technology from telephone carriers and improving the competitiveness of its main business units.

The Espoo-based company posted a net profit of 585 million euros ($597 million) for the April-June period, up from 539 million euros a year earlier.

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

Nokia sales rose 11% to 5.9 billion euros.

CEO Pekka Lundmark said in a statement “we delivered another strong quarter of profitability”, adding that he was particularly pleased to see Nokia’s two main business units – mobile networks and network infrastructure – performing well. .

“Our continued investments in technology leadership and competitiveness are paying off. We are confident that we will achieve full-year growth this year,” Lundmark said in a video message posted to YouTube after the earnings report was released.

Nokia is one of the world’s leading providers 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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