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Nokia sees boost in profits with 5G technology sales

Saf Malik
April 29, 2021

CEO Pekka Lundmark hails a “robust” start to the year

Nokia has reported a net profit of €375 million for Q1, 2021 and its net sales are up nine per cent year-on-year.

In its financial report, the firm said that the increase was driven by strong growth in network infrastructure and solid growth in mobile networks, particularly in the US and China.

Enterprise constant currency net sales were up 18 per cent year-on-year and Nokia revealed it had gained 63 new customers, more than doubling the number it added in Q1 2020.

Nokia also recorded a comparable gross margin of 38.2 per cent which reflected improvements in mobile networks, mainly driven by 5G growth and broad improvements across the network infrastructure.

Nokia president and CEO Pekka Lundmark said: “We have delivered a robust start to the year with strong net sales, operating margin and cash flow.

“Today’s results demonstrate that we are on track to deliver on our three-phased plan to achieve sustainable, profitable growth and technology leadership as announced at our recent Capital Markets Day.”

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