More

    Nokia reports “strong” growth in Q2 2020 despite setbacks

    Nokia officially reported on its second quarter today. Affected by COVID-19 and the performance of the Chinese market, Nokia’s second-quarter revenue was 5.092 billion euros, down 11% year-on-year. However, net profits achieved strong growth, reaching 99 million euros.

    This compares to a loss of 193 million euros in the same period last year. In addition, data shows that Nokia’s 5G product shipments in Q2 also continued to climb, and it is expected to achieve a growth of more than 35% by the end of the year.

    Rajeev Suri, President and CEO of Nokia said: “Despite the challenges of COVID-19, Nokia achieved strong growth in the second quarter. Profitability was better than expected, cash flow improved significantly, mobile business strength increased significantly, and earnings per share It also achieved year-on-year growth.”

    READ NEXT: Samsung Galaxy M31s launched, starts at INR 2,0499 ($274)

    As profitability was significantly better than market expectations and cash flow improved significantly, Nokia will have stronger financial strength by the end of the year. Nokia raised its 2020 full-year adjusted diluted earnings per share forecast to 0.25 euros; raised its full-year adjusted operating interest rate to 9.5%.

    At the beginning of this year, Nokia said it will focus on mobile business and improve cash generation. “In these two areas, we continue to make good progress.” Rajeev Suri pointed out that Nokia’s free cash flow for the quarter was 265 million euros, compared with negative 1 billion euros a year ago. 

    At the end of the second quarter, Nokia had EUR 1.6 billion in net cash and EUR 7.5 billion in total cash. Taking into account the strong growth in the first half of the year, we expect full-year free cash flow in 2020 to perform better than previously predicted.

    “In the second quarter, Nokia’s wireless product portfolio continued to evolve. The roadmap is constantly improving, costs are falling, and product performance is constantly improving.”

    Rajeev Suri said that Nokia has a particularly strong product portfolio in 5G mid-band and has helped 55 Customers deploy proven products.

    Rajeev Suri particularly emphasized that Nokia’s 5G product shipments continued to increase in Q2. “We believe that by the end of the year it is still expected to reach 35% or higher. Nokia now has 83 5G contracts.”

    Nokia’s “excellent” performance in the Q2 quarter will also continue. Rajeev Suri pointed out that Nokia Software plans to accelerate its leadership in Open RAN in the next step. 

    Nokia is the only global supplier dedicated to O-RAN and commercial 5G Cloud-RAN networks. In addition, Nokia’s IP routing business has also expanded to the data center market.

    Stay Tuned For More Updates On Tech News, Leaks, Rumors, and Deals. Also, Check Out the Official Giztop Store.

    READ NEXT: Samsung Galaxy M31s launched, starts at INR 2,0499 ($274)

    (Via)

    Share this story:

    Recent Articles

    Honor Tab X7 Unveiled in China Starting at ~$140

    The tablet market has been as silent as grave for the last couple of years, at least in the global market. Apart...

    Oppo K9 5G Available on the Giztop Shop for $369

    This week, Oppo unveiled a premium mid-range smartphone, the Oppo K9 5G in the Chinese market. The smartphone succeeds the Oppo K7...

    Buy Redmi K40 Gaming Edition for $429 on the Giztop Shop

    Last month, the Chinese smartphone maker Redmi unveiled a new smartphone dubbed Redmi K40 Gaming Edition in the home market, China. The...

    OPPO K9 Review: A New 5G Phone With Snapdragon 768G SoC, 65W Charging And 90Hz Screen

    OPPO announced the OPPO K9 5G smartphone in China on May 6. The much-awaited OPPO K7 5G successor is the first K...

    Vivo Y12s Spotted on Google Play Console with Snapdragon 439 SoC

    Vivo seems to be launching a new budget smartphone in the market as a fresh device has landed on the portal of...

    Related Stories

    Stay on op - Ge the daily news in your inbox

    Share this story: