Nokia profit up; Sales dip due to Covid19
Nokia has reported first-quarter profit but said the COVID-19 pandemic dented sales by around USD 218 million mainly due to supply issues associated with disruptions in China.
The company based in Espoo, Finland, reported a net profit of 33 million euros for the January-March period, in comparison to a loss of 116 million euros the previous year. Sales were down 2 percent at 4.9 billion euros.
CEO Rajeev Suri said, Nokia didn't see a decline in demand in the first quarter but noted that as the coronavirus situation develops an increase in supply and delivery challenges in a number of countries is possible and some customers may re-assess their spending plans.
Nokia is one of three main providers of the ultra-fast, new-generation 5G networks along China's Huawei and Sweden's Ericss...