BUSINESS

Nokia Sees Decline In Sales And Profit

Nokia recently reported a double-digit decline in sales and a fall in profit in the last three months of 2023, with the wireless and fixed-network equipment maker saying operators are cutting back on investments into 5G and other technology due to economic uncertainty.

“In 2023 we saw a meaningful shift in customer behavior impacting our industry driven by the macro-economic environment and high interest rates,” CEO Pekka Lundmark said in a statement.

He also pointed to the effect of Nokia’s clients such as telecom operators that have already bought new equipment and don’t intend to get more.

“Looking ahead, we expect the challenging environment of 2023 to continue during the first half of 2024, particularly in the first quarter,” he said. “However, we are now starting to see some green shoots on the horizon” including improved order intake for Nokia’s network infrastructure unit.

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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Readers Bureau, Contributor

 Edited by Jesus Chan

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