Nokia Q2 profit beats expectations on strong 5G demand

HELSINKI: Wireless and fixed-network equipment maker Nokia on Thursday reported a second-quarter profit above analyst expectations on strong demand for 5G technology from phone operators and improved competitiveness of its main business units.

The Espoo-based company reported a net profit of 585 million euros (USD 597 million) for the April-June period compared with 539 million euros a year earlier. Net income attributable to shareholders was up 9% at 582 million euros, from 532 million a year earlier.

Nokia’s sales were up 11% at 5.9 billion euros.

CEO Pekka Lundmark said in a statement "we delivered another quarter of robust profitability," adding that he was particularly pleased to see Nokia’s two main business units — Mobile Networks and Network Infrastructure — performing well.

Pleased with our Q2 performance. Improved net sales growth and another quarter of robust profitability. Continued to see strong demand for #5G and fiber broadband. And confident that we’re on track to achieve our 2022 goals. Thanks to the @nokia team. https://t.co/CGUFpKbeAN

— Pekka Lundmark (@PekkaLundmark) July 21, 2022

"Our continuing investments in technology leadership and competitiveness are showing results. We are confident that we will deliver growth on a full-year basis this year," Lundmark said in a video message published on YouTube after the release of the earnings report.

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.

HELSINKI: Wireless and fixed-network equipment maker Nokia on Thursday reported a second-quarter profit above analyst expectations on strong demand for 5G technology from phone operators and improved competitiveness of its main business units. The Espoo-based company reported a net profit of 585 million euros (USD 597 million) for the April-June period compared with 539 million euros a year earlier. Net income attributable to shareholders was up 9% at 582 million euros, from 532 million a year earlier. Nokia’s sales were up 11% at 5.9 billion euros. CEO Pekka Lundmark said in a statement "we delivered another quarter of robust profitability," adding that he was particularly pleased to see Nokia’s two main business units — Mobile Networks and Network Infrastructure — performing well. Pleased with our Q2 performance. Improved net sales growth and another quarter of robust profitability. Continued to see strong demand for #5G and fiber broadband. And confident that we’re on track to achieve our 2022 goals. Thanks to the @nokia team. https://t.co/CGUFpKbeAN — Pekka Lundmark (@PekkaLundmark) July 21, 2022 "Our continuing investments in technology leadership and competitiveness are showing results. We are confident that we will deliver growth on a full-year basis this year," Lundmark said in a video message published on YouTube after the release of the earnings report. 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.