Nokia's quarterly profit exceeds 5G demand

28. 04. 2022 Thursday / By: Robert Denes / Business / Exact time: BST / Print this page

H elsinki, April 28: Telecommunications equipment maker Nokia reported stronger-than-expected quarterly operating results on Thursday, boosted by increased demand for 5G equipment despite supply chain constraints.

According to a Reuters report, the Finnish company has made a profit over its competitors such as Ericsson in Sweden and Huawei in China after making its products more competitive by investing significant sums in research and finding ways to cut costs in other regions.

"Demand in our end-markets remains high, and although supply chain constraints continue to impact our growth, we delivered 1% constant currency net sales growth in Q1," Chief Executive Officer Pekka Lundmark said in a statement.

Network infrastructure grew by 9% at constant exchange rates, driven by strong demand for both fixed and submarine networks. The company’s similar operating profit rose to € 583 million ($ 613 million) in the first quarter from € 551 million last year, exceeding the € 513 million forecast by 11 analysts interviewed by Refinitiv.

The company also confirmed a full-year net sales forecast of between € 22.9 billion and € 24.1 billion, calculated at a constant exchange rate.

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