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UPDATED 7 months ago

Nokia Reports Steep Decline in Q2 Sales and Profit

The telecom giant struggles with weak 5G demand but anticipates recovery later in the year.

Net sales fell 18% year-on-year to €4.47 billion, the lowest since 2015.
Operating profit dropped 32% to €423 million, missing analyst expectations.
Nokia's stock fell 8% following the earnings report.
The company is cutting costs and investing in AI-driven data center services.
Nokia expects a significant sales acceleration in the second half of 2024.

Associated Press