TECH - Nokia's Q2 Earnings: Record-Low Revenue As 5G Investment Slows Annual Outlook Cut Stock Slides | Benzinga
Nokia Corp (NYSE:NOK) reported a fiscal second-quarter 2024 net sales decline of 18% year-on-year (18% in constant currency) to 4.47 billion euros ($4.81 billion), missing the analyst consensus estimate of $5.24 billion.
The quarterly sales mark a record low since 2015 as weak investment in mobile network upgrades weighs on the 5G equipment market, Bloomberg reports. The stock price declined after the print.
The weak telecom equipment market has prompted Nokia to overhaul its network infrastructure division.
In June, Nokia invested $2.3 billion in AI-driven demand for data center services by acquiring Infinera. Additionally, Nokia plans to sell its undersea cable business, Alcatel Submarine Networks, to the French government.
Both net sales and operating profit got a boost of 150 million euros from Nokia’s resolution of an outstanding contract with ...