Nokia third-quarter profit beats expectations despite chip shortage

Chief executive Pekka Lundmark said the third-quarter results showed the company “delivered another great quarter” driven by its increased investments in 5G technology

CEO Pekka Lundmark said the third-quarter results showed the company ‘delivered another great quarter’ driven by its increased investments in 5G technology. Picture: PA

Wireless and fixed network equipment maker Nokia has reported third-quarter profit above analyst expectations on increasing sales of 5G technology and trimmed costs, but the company warned that the global shortage of semiconductors made the market outlook foggy and could hamper growth.

The Espoo, Finland-based company reported net profit of 463 million euros (£390 million) for the July-September period in comparison to 305 million euros a year earlier. Sales were up 2% at 5.4 billion euros.