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Nokia releases financial report for the second quarter of 2018

July 27, 2018
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Telecom network equipment maker Nokia posted quarterly earnings below market expectations but repeated its full-year profit forecast, saying sales were set to recover later this year on the back of next-generation 5G roll-outs.

 

Nokia’s net sales decreased from €5.6 billion in the April–June 2017 quarter to €5.3 billion in the corresponding quarter of 2018. The company’s non- International Financial Reporting Standards (non-IFRS) operating profit fell by 42 per cent compared to corresponding quarter in 2017. At the same time, Nokia’s net cash and current financial investments decreased by approximately €2.0 billion on likewise basis.

Nokia reported networks business net sales worth €4.7 billion, with operating profit of €69 million. Also, its technologies net sales were €361 million, with operating profit of €292 million.

Nokia has reiterated that it remains on target to deliver €1.2 billion of recurring annual cost savings at the end of 2018. In its networks business, Nokia expects to improve market conditions in the second half of 2018.

Nokia continues to see opportunities to build on its track record in Nokia Licensing within Nokia Technologies and drive a compound annual growth rate of approximately 10 per cent for recurring net sales over the three year period ending 2020.

 
 
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