Friday 12/4/20
BUSINESS

Nokia's third quarter net profit more than doubled

Net sales in the period stood at 5.3 billion euros, down 7% year on year.

Finnish telecommunications equipment maker Nokia's third-quarter net profit has more than doubled to 203 million euros (238 million dollars), the company said on Thursday.

Nokia reported a net profit of 87 million euros in the July-to-September period a year ago.

Net sales in the period stood at 5.3 billion euros, down 7% year on year.

Looking ahead, chief executive Pekka Lundmark said Nokia's "financial performance in 2021 is expected to be challenging," adding "we need to further increase R&D investments to ensure leadership in 5G."

Huawei and Ericsson

Nokia faces stiff competition from rivals like China's Huawei and Sweden's Ericsson.

The company said none of its factories were currently closed due to the coronavirus pandemic.

After selling its loss-making handset business in 2014 to US software giant Microsoft, the Finnish company has said it would focus on providing broadband infrastructure software and services.

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