HELSINKI: Both Nokia’s net sales and profit plummeted significantly in the second quarter of this year due to ongoing market weakness, according to the Nokia Corporation Interim Report for Q2 2024 published on Thursday, reported Xinhua.
Between April and June, the Finnish telecommunications company’s net sales decreased by 18 per cent to €4.47 billion (US$4.87 billion) from €5.44 billion in the same quarter a year earlier.
During the same period, Nokia’s comparable operating profit decreased dramatically by 32 per cent to €423 million from €619 million on a year-on-year basis.
Nokia’s president and CEO Pekka Lundmark attributed the plunge in both the company’s net sales and operating profit to ongoing market weakness. Nevertheless, he remains optimistic about the company’s prospects.
He believes that the industry is stabilising and, given the order intake seen in recent quarters, expects a significant acceleration in net sales growth. – BERNAMA-XINHUA
