Nokia improves result in 2017

Finnish telecommunications giant Nokia on Thursday reported improved results for 2017. It said the world network business market will further decline this year, even though less than it had earlier expected.

Nokia turnover for 2017 declined three percent from 2016 to 23.2 billion euros. Nokia made a 2.6-billion-euro profit, 19 percent higher than the 2.2 billion euros in 2016.

Turnover in the Nokia Technologies section increased almost 80 percent and its profits 146 percent. Patents are a major business in this sector.

The result reflects growth in revenue from licencing. Nokia brand has made a comeback in the handset sector, on a licence basis.

Nokia CEO Rajeev Suri said 2019 and 2020 will see an improvement due to the investments in the 5G network. Suri said there are early signs of an improvement in North America.

Analysts in Helsinki noted that Swedish Ericsson reported on Wednesday results that were less than anticipated. Ericsson is Nokia's key competitor in the mobile network business.