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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Nokia narrows losses in the second quarter

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Helsinki: Nokia, the Finnish telecoms equipment maker, said that it narrowed its losses in the second quarter on the back of strong demand for the next generation of mobile phone networks and it is sticking to its forecasts for the full year. Nokia said in a statement that it booked a net loss of 193 million euros ($215 million) in the period from April to June, compared with a loss of 271 million euros a year earlier.


Revenues grew by 8.2 per cent to 5.7 billion euros, beating analysts’ expectations. At an underlying or operating level, the second quarter loss shrank to 57 million euros from 221 million euros in the corresponding period a year earlier.


“Nokia delivered a strong second quarter, driven by 5G demand,” chief executive Rajeev Suri said. “In the quarter, we saw good year-on-year growth, meaningful improvements in profitability, robust progress in our strategic expansion areas of Software and Enterprise and excellent momentum in our IP Routing business,” he continued. — AFP


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