Nokia reports Q2 decline in sales, profit

Both Nokia's net sales and profit plummeted significantly in the second quarter of this year due to ongoing market weakness, according to the Nokia Corporation Interim Report for Q2 2024 published on Thursday, reported Xinhua.

Between April and June, the Finnish telecommunications company's net sales decreased by 18 percent to 4.47 billion euros from 5.44 billion euros in the same quarter a year earlier.

During the same period, Nokia's comparable operating profit decreased dramatically by 32 percent to 423 million euros from 619 million euros on a year-on-year basis.

Nokia's president and CEO Pekka Lundmark attributed the plunge in both the company's net sales and operating profit to ongoing market weakness. Nevertheless, he remains optimistic about the company's prospects.

He believes that the industry is stabilizing and, given the order intake seen in recent quarters, expects a significant acceleration in net sales growth.