Finnish telecom gear maker Nokia reported a smaller rise than expected in first-quarter comparable operating profit as sales tumbled when operators reduced spending on 5G technology.
Operating profit excluding certain items of income and expenses grew to 597 million euros from a year-earlier 479 million, helped by cost cuts as constant-currency sales fell 19%.CEO Pekka Lundmark said continued improvement in order intake despite weak markets should boost the second half of 2024. The company repeated an outlook announced in January for a comparable operating profit in 2024 of 2.3-2.9 billion euros.
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