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Nokia back in black in first quarter thanks to 5G
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29/04/2021 - 11:33 Nokia CEO Pekka Lundmark says he was "particularly pleased by strong sales growth" as the Finnish telecoms giant returned to profit. Heikki Saukkomaa Lehtikuva/AFP/File 2 min
Helsinki (AFP)
Finnish telecoms giant Nokia said Thursday that it returned to profit in the first quarter, boosted by stronger-than-expected demand for 5G products, but it kept its cautious outlook for 2021.
The networks giant booked a net profit of 261 million euros ($310 million) between January and March after a loss of 117 million euros a year earlier.
Revenues were up 3.3 percent at 5.08 billion euros, outpacing analysts' expectations for first-quarter sales of around 4.7 billion euros.
HELSINKI, April 29 — Finnish telecoms giant Nokia said today that it returned to profit in the first quarter, boosted by stronger-than-expected demand for 5G products, but it kept its cautious outlook for 2021. The networks giant booked a net profit of €261 million (RM1.2 billion) between...
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Updated April 29, 2021
This file photo taken on February 26, 2019 shows people visiting the Nokia stand at the Mobile World Congress (MWC) in Barcelona. Josep LAGO / AFP
Finnish telecoms giant Nokia said Thursday that it returned to profit in the first quarter, boosted by stronger-than-expected demand for 5G products, but it kept its cautious outlook for 2021.
The networks giant booked a net profit of 261 million euros ($310 million) between January and March after a loss of 117 million euros a year earlier.
Revenues were up 3.3 percent at 5.08 billion euros, outpacing analysts’ expectations for first-quarter sales of around 4.7 billion euros.
“We have delivered a robust start to the start of the year with strong net sales, operating margin and cash flow,” said chief executive Pekka Lundmark.
April 30, 2021
HELSINKI (AFP) – Finnish telecoms giant Nokia said yesterday that it returned to profit in the first quarter, boosted by stronger-than-expected demand for 5G products, but it kept its cautious outlook for 2021.
The networks giant booked a net profit of EUR261 million between January and March after a loss of EUR117 a year earlier.
Revenues were up 3.3 per cent at EUR5.08 billion, outpacing analysts’ expectations for first-quarter sales of around EUR4.7 billion.
The world’s third-biggest 5G networks supplier, Nokia is struggling to keep up with rivals Ericsson of Sweden and China’s Huawei.
Nokia lost out on a major Verizon contract in the United States (US) last year to Samsung which will impact the outlook into 2022.
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Updated March 16, 2021
FILES) This file photo taken on February 26, 2019, shows people visiting the Nokia stand at the Mobile World Congress (MWC) in Barcelona. Finnish telecoms equipment maker Nokia said on March 16, 2021, it would slash up to 10,000 jobs over the next two years as part of a 600-million-euro ($715-million) cost-cutting programme.
Josep LAGO / AFP
Finnish telecoms equipment maker Nokia said Tuesday it will slash up to 11 per cent of its workforce within two years as it launches a “huge” cost-cutting drive and focuses on a few key areas in the face of tough competition over super-fast 5G networks.
Announcing a 600-million-euro ($715-million) cost-cutting programme, Nokia said it expects to become “an 80,000–85,000 employee organisation, over an 18–24-month period, instead of the approximately 90,000 employees Nokia has today.”
Finnish telecoms equipment and 5G player Nokia announced on Thursday a fall in net income for 2020 despite a strong fourth quarter, and warned of “meaningful headwinds” this year.
“We saw healthy gross margin and operating margin performance for both (the fourth quarter) and full year 2020,” thanks to a renewed focus on North America and ongoing research and development (R&D) efforts, chief executive Pekka Lundmark said in a statement.
Full-year operating income rose by 5.5 per cent to €2.1 billion, and Nokia’s gross margin increased by 2.5 percentage points to 39 per cent as the firm fought for its share of the tough 5G market.