Finnish telecom network equipment maker Nokia reported an unexpected rise in its second-quarter underlying profit on lower revenues on Friday, as it reduced low-margin business before a new chief executive takes charge. Quarterly revenue fell 11 per cent and the company reduced its market share outlook to underperform from previous guidance of performing in-line with its main markets. Nokia’s quarterly revenue fell to 5.09 billion euros, missing the 5.28-billion-euro consensus figure, according to Refinitiv data. Suri, who steps down after more than a decade in charge of Nokia and Nokia Siemens Networks, leaves the company to his successor Lundmark in a highly competitive market situation. The leadership change comes as turbulence prevails in European telecoms markets, with increasing pressure from certain governments for operators to exclude or limit the usage of 5G equipment from Huawei.

Source: Standard Digital July 31, 2020 12:01 UTC