{"id":143017,"date":"2021-10-28T16:48:49","date_gmt":"2021-10-28T16:48:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143017"},"modified":"2021-10-28T16:48:49","modified_gmt":"2021-10-28T16:48:49","slug":"nokias-quarterly-profit-beats-on-5g-demand","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/nokias-quarterly-profit-beats-on-5g-demand\/","title":{"rendered":"Nokia&#x27;s quarterly profit beats on 5G demand"},"content":{"rendered":"<ul>\n<li>\u00a0 Net sales up 2% to 5.4 billion euros versus 5.3 billion last year<\/li>\n<li>\u00a0\u00a0Profit up to 633 million euros from 486 million last year<\/li>\n<li>\u00a0\u00a0Chip supply issues to affect Q4, CEO says<\/li>\n<li>\u00a0\u00a05G market growing, couple of years before peak &#8211; CEO<\/li>\n<li>\u00a0\u00a0Shares up 5%<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>NOKIA-FI<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<\/ul>\n<p>Nokia reported a stronger-than-expected third-quarter operating profit on Thursday on higher demand for 5G gear, but warned the global shortage of semiconductors would hit its supply chain.<\/p>\n<p>Shares of the Finland-based company were up 5% as investors lauded its efforts to get back on track following product missteps last year by riding on 5G demand and taking market share away from rivals, particularly in China.<\/p>\n<p>Any problem in supplying to customers on time might dent those ambitions. &quot;At the moment, we are limited by semiconductor availability, that will affect Q4 and it&#x27;s quite possible that this challenge will get bigger before it starts getting better,&quot; Chief Executive Officer Pekka Lundmark said in an interview.<\/p>\n<p>Global producers of goods from televisions to cars have faced a host of supply chain issues ranging from a shortage of vital components, manpower, logistics snarls, and delays at plants because of power cuts in China.<\/p>\n<p>Rival Ericsson last week also warned of supply chain issues. &quot;We are working every single day with the suppliers on all levels of the organization and I have also been personally involved in these discussions,&quot; Lundmark said.<\/p>\n<p>Nokia&#x27;s quarterly net sales rose 2% to 5.4 billion euros ($6.27 billion) from 5.3 billion a year ago, in line with analysts&#x27; expectations.<\/p>\n<p>The company expects comparable operating profit margin to be towards the upper end of the target range of 10% to 12%.<\/p>\n<p>Comparable operating profit during July-September surged to 633 million euros from 486 million last year, beating the 488 million euros forecast by 11 analysts polled by Refinitiv.<\/p>\n<p>While its mainstay mobile network business suffered from lost business in the United States, network infrastructure grew 6% in constant currency and cloud and network services rose 12%.<\/p>\n<p>&quot;The 5G market is still growing and we expect that it will still take a couple of years before it reaches its peak,&quot; Lundmark said<\/p>\n<p>In July, Nokia won its first 5G radio contract in China, while rival Ericsson lost market share after Sweden last year decided to ban Chinese vendors from their 5G networks. [nL1N2OV0YN]<\/p>\n<p>Lundmark said revenue from China has started to flow in but the available market there for non-Chinese vendors was limited.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/10\/28\/nokias-quarterly-profit-beats-on-5g-demand.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Net sales up 2% to 5.4<\/p>\n","protected":false},"author":3,"featured_media":143016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nokia&#x27;s quarterly profit beats on 5G demand - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/nokias-quarterly-profit-beats-on-5g-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nokia&#x27;s quarterly profit beats on 5G demand - 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