Nokia on Thursday reported operating profit below market expectations for the first quarter and the Finnish company said it was seeing signs of customer spending slowing down.
A general view of the Nokia headquarters, showing the new logo, in Espoo, Finland, is seen in this handout image released February 26, 2023. NOKIA/Handout via REUTERSComparable operating margin fell to 8.2% from 10.9%on Thursday reported operating profit below market expectations for the first quarter and the Finnish company said it was seeing signs of customer spending slowing down.
However, it kept its full-year outlook unchanged and said it expects profitability in the second half of the year to be stronger than the first half. First-quarter comparable operating profit fell to 479 million euros from 583 million euros last year, missing the 532.4 million euro forecast of analysts polled by Refinitiv.have been depending on sales growth in India where telecom operators are building a new 5G network to offset a slowdown in high-margin markets such as the United States.
"What we are seeing in India at the moment is the fastest 5G rollout the world has ever seen," Nokia CEO Pekka Lundmark said in an interview.
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