Nokia posts quarterly profits below market expectations

[HELSINKI] Telecom network equipment maker Nokia on Thursday posted quarterly earnings below market expectations but repeated its full-year profit forecast, saying sales were set to recover later this year on the back of next-generation 5G roll-outs.

The Finnish company's non-IFRS operating profit, which it had signalled would be weak, fell 42 per cent in the second quarter from a year ago to 334 million euros (S$533.1 million), missing the analyst mean forecast of 373 million euros.

"Our backlog was strong at the end of Q2, and we continue to expect commercial 5G network deployments to begin near the end of 2018," Nokia said in a statement.

REUTERS