Nokia CEO Pekka Lundmark (pictured) credited India 5G sales and growth in European market share for offsetting a softening in North America at its mobile networks unit in Q1, though noted signs economic issues were impacting customer spend more widely. In a statement accompanying its Q1 results, the executive said India’s 5G deployments helped deliver a 13 per cent year-on-year increase in net sales within its mobile networks business, which reached €2.6 billion. “As we expected, we are seeing greater seasonality between the first and second half of the year in terms of profitability for mobile networks,” Lundmark noted. Outside mobile networks, the vendor reported a drop in revenue from Nokia Technologies, which includes its IP business, and a “negative impact” from venture fund investments. Revenue across the company was €5.9 billion, up 10 per cent, with net profit €342 million, down 18 per cent on Q1 2022.

Source: The North Africa Journal April 20, 2023 22:47 UTC