Finnish telecom network equipment maker Nokia plunged to a surprise quarterly lo...
HELSINKI - Finnish telecom network equipment maker Nokia plunged to a surprise quarterly loss due to a delay in booking 5G payments and said on Thursday the security dispute surrounding rival Huawei was creating near-term pressure to invest.
The company said a failure to book about 200 million euros of net sales related to 5G in North America weighed on results during. It expects to recognize the amount during the full year. 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 the Chinese group after Washington alleged its equipment could be used by Beijing for spying - charges Huawei deny.
“Clearly the profit missed expectations,” Mikael Rautanen, an analyst with equity research firm Inderes said. “The expectations were very modest. The outlook remained intact.”
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