Nokia downgrades profit forecasts amid 5G competition warning

Nokia downgrades profit forecasts amid 5G competition warning

Nokia has warned that its full-year profits this year and next will be lower than previously thought because of acute competition and costs related to new-generation 5G networks.

The warning from the technology giant came as it reported a 14% decline in third-quarter net profits of €267 million, against €309 million a year earlier.

However, sales were up 4%, at €5.7 billion.

Nokia chief executive Rajeev Suri said today that risks previously flagged up regarding the initial phase of 5G are "now materialising".

Other factors weighing on the business, he said, are "profitability challenges" in China and business development uncertainties in North America.

The company, which is based in Espoo, Finland, said it now has 48 commercial 5G deals and 15 live networks.

More on this topic

Marshall Major III Voice Bluetooth headphones offer both style and comfortMarshall Major III Voice Bluetooth headphones offer both style and comfort

Inexpensive dash cam offers high-end features in small packageInexpensive dash cam offers high-end features in small package

Twitter co-founder invests in AI project to create ‘new type of media’Twitter co-founder invests in AI project to create ‘new type of media’

Irish scientists using AI to help predict national suicide rates in new studyIrish scientists using AI to help predict national suicide rates in new study

More in this Section

UK economy ‘spluttering’ despite return to growth, say analystsUK economy ‘spluttering’ despite return to growth, say analysts

Brexit blamed as optimism among Irish businesses falls to nine-year lowBrexit blamed as optimism among Irish businesses falls to nine-year low

UK economy avoids recession after return to growth in third quarterUK economy avoids recession after return to growth in third quarter

Chinese buyer set to save British Steel plant, and 4,000 jobsChinese buyer set to save British Steel plant, and 4,000 jobs


Lifestyle

Helen O’Callaghan on the dangers of products high in caffeine.The dangers of energy drinks full of sugar

When bride-to-be Alma Clohessy enlisted her mother Rita’s help in planning her wedding, they made the most of every precious moment together.Wedding of the Week: 'It was the best, yet most emotional day of my life'

As you may be aware, new rules around motor insurance documentation have been introduced. The rules are aimed at improving transparency for consumers but a broker is warning they may have unintended consequences and could cause some confusion among policy holders.Drive a hard bargain for better car insurance

When Peter Ryan lost 90% of his vision in his early 20s, his readjustment was emotionally painful, but maturing, says Helen O’CallaghanA new way of seeing the world: Peter Ryan talks about losing 90% of his sight in his early 20s

More From The Irish Examiner