Nokia posts surprising Q4 2020 result despite facing challenges in US
The Finnish telecommunications networks provider Nokia on Thursday
reported a smaller than expected drop in profit in the fourth-quarter while it
acknowledged it was facing some challenges in the race for 5G networks,
particularly in the North American market.
The company based in Espoo, Finland, saw net profit for the
October-December period drop 1 per cent to 811 million euros (USD 973 million).
Sales were down 5 per cent to 6.6 billion euros.
CEO Pekka Lundmark, who took over the role in August, described
the fourth quarter result as solid but warned that the current year wouldn't be
easy for Nokia.
We expect 2021 to be challenging, a year of transition, with
meaningful headwinds due to market share loss and price erosion in North
America, Lundmark said.
Under Lundmark's lead Nokia has revamped
its business strategy. He has said that Nokia aims to become the leader in 5G - the new
generation of broadband technology - in a tight global race with main competitors
China's Huawei and Sweden's Ericsson.
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