Finland's Nokia plunged to a surprise quarterly loss after it failed to sup...
HELSINKI - Finland’s Nokia plunged to a surprise quarterly loss after it failed to supply 5G telecoms equipment in time, and said the security dispute surrounding rival Huawei was creating pressure to invest as customers reassess their suppliers.
Nokia counts Sweden’s Ericsson and China’s Huawei as its main rivals, and some analysts say the Finnish company may benefit from challenges faced by Huawei after Washington alleged its equipment could be used by Beijing for spying - charges Huawei denies. Nokia said a failure to book about 200 million euros of net sales related to 5G in North America weighed on its first-quarter results. It expects to recognize the amount during the full year.
“It looks like Nokia has not upgraded its product offering fully to 5G yet. They explain it with external reasons like standards, but there have to be also internal factors,” he said.
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