Nokia’s Q2 operating profit fell 32% due to weak demand for 5G telecom equipment.
- Net sales declined 18% year-on-year, with slow investment in 5G technology in India.
- CEO Pekka Lundmark expects sales to recover in the second half of 2024.
- Nokia’s shares dropped 8% following the earnings report.
- The company maintains its full-year guidance for comparable operating profit.
- Nokia sees potential growth in the US fiber market and from the $42bn US government broadband program.
- The company is studying the impact of Germany’s decision to exclude Chinese vendors from its 5G network products.