Nokia sales and profit drop as economic challenges lead to investment cutbacks

Nokia reported a double-digit decline in sales and a fall in profit in the last three months of 2023 (AP Photo/Joan Mateu Parra, File)

Nokia has reported a double-digit decline in sales and a fall in profit in the last three months of 2023, with the wireless and fixed-network equipment maker saying operators are cutting back on investments into 5G and other technology because of economic uncertainty.

The Espoo, Finland-based company reported net profit of 568 million euros (£485 million) for the October-to-December quarter, down from 929 million euros (£794 million) in the same period a year earlier.