Nokia sees double-digit fall in profit and sales due to weak 5G market

The Finnish company is one of the world’s main suppliers of 5G (Alamy/PA)

Wireless and fixed-network equipment maker Nokia has reported a double-digit fall in profit and sales in the second quarter due to a continuing weak market as clients hold off investments in 5G technology.

The Finland-based company reported a net profit of 328 million euros (£276 million) for the April-June period, down 20% from 409 million euros (£344 million) a year earlier. Net income attributable to shareholders was 325 million euros (£274 million), down from 410 million euros (£345 million) a year earlier.