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Nokia Q1 beats expectations on higher 5G gear demand Reuters 3 hrs ago © Reuters/LEHTIKUVA Nokia to cut up to 10 000 jobs by 2023
STOCKHOLM (Reuters) - Finnish telecom network equipment maker Nokia on Thursday reported better-than-expected first-quarter revenue and profit, helped by a growth in sales of 5G equipment.
Quarterly revenue rose 3% to 5.08 billion euros ($6.16 billion), beating a consensus figure of 4.72 billion, Refinitiv data showed. We expect our typical quarterly earnings seasonality to be less pronounced in 2021, Chief Executive Pekka Lundmark said in a statement, adding that sales growth was strong across its network infrastructure business.
After taking over the top job last year, Lundmark has streamlined the company s operation, cut jobs, and made changes to recover from product missteps under the company s previous management that hurt its 5G ambitions and weighed on its shares.