{"id":12618,"date":"2017-04-27T12:17:31","date_gmt":"2017-04-27T11:17:31","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12618"},"modified":"2017-04-27T12:17:31","modified_gmt":"2017-04-27T11:17:31","slug":"nokia-reports-another-loss","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nokia-reports-another-loss\/","title":{"rendered":"Nokia reports another loss"},"content":{"rendered":"

Finland\u2019s telecoms giant Nokia reported Thursday that it remained deep in the red at the start of the year, with sales in its main business, networks, on the decline.<\/p>\n

The company posted a loss of 488 million euros ($532 million) in the first quarter, an improvement from the 609 million euros a year earlier, prompting chief executive Rajeev Suri to say he believed in an \u201cimproving business momentum, even if some challenges remain\u201d.<\/p>\n

Investors agreed with that assessment, sending Nokia\u2019s share price more than three percent higher on the Helsinki stock exchange to 5.12 euros shortly after the opening.<\/p>\n

While the company\u2019s overall sales declined by two percent to 5.38 billion euros, sales in its core networks business fell by six percent, to 4.9 billion euros.<\/p>\n

\u201cWe saw encouraging signs of stabilisation in mobile networks,\u201d Suri told reporters in a conference call.<\/p>\n

The company is eyeing business opportunities offered by the \u201cpath to 5G roadmap\u201d, Suri said, referring to the worldwide roll-out of the lightening-fast 5G mobile internet service that operators expect to begin by 2020.<\/p>\n

Once the world\u2019s number one handset maker, Nokia transformed itself into a network equipment company and bought its hugely unprofitable French-American rival Alcatel-Lucent a year ago, sending the whole group\u2019s results plunging into the red in 2016.<\/p>\n

The firm recorded a net loss of 766 million euros last year, which Suri said in a statement was a \u201cyear of transition.\u201d<\/p>

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But in fact the company has been going through a process of radical transformation for several years now.<\/p>\n

In 2013, it bought 50 percent of its network activities from Germany\u2019s Siemens, and the following year it pulled out of mobile phones.<\/p>\n

It sold its mapping unit Here in 2015 and completed the deal late last year to buy Alcatel-Lucent, which had only recorded one year of annual profit since its inception in 2006.<\/p>\n

Nokia was the world\u2019s top mobile phone maker between 1998 and 2011 but was overtaken by South Korean rival Samsung after failing to respond to the rapid rise of smartphones.<\/p>\n

AFP<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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