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HELSINKI (AP) — Nokia says its first-quarter earnings more than halved, primarily because telecom operators are holding off from investing in equipment while waiting for the commercial launch of the new-generation networks.
The Espoo, Finland-based maker of telecommunications gear said Thursday that its net profit for the January-March period came in at 86 million euros ($105 million), against 196 million euros a year earlier. Sales were down 8 percent at 4.9 billion euros.
Nokia said it expects global market conditions for its core networks business to improve toward the end of this year "with strong momentum" and client demand for the new 5G technology to pick up, particularly in North America.
CEO Rajeev Suri said the company is expecting 5G deals for large-scale commercial rollouts in the United States in the second half of 2018.
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