Nokia profit soars on buoyant sales for 5G technology


HELSINKI (AP) - Wireless network maker Nokia on Thursday reported a significant improvement and better-than-expected first-quarter profit due to buoyant sales of its new generation 5G devices.

Based in Espoo, Finland, the company posted a net profit of 375 million euros from January to March (compared to 45 million euros in the previous year). Sales rose by 3% to 5.1 billion euros.

CEO Pekka Lundmark said the numbers "got the year off to a robust start" for Nokia, which aims to become the global leader in 5G technology in a close race with Nordic competitor Ericsson, Chinese Huawei and South Korean Samsung, among others.

"Today's results show that we are on the right track to implement our three-phase plan to achieve sustainable, profitable growth and technology leadership as announced," Lundmark said in a statement.

Nokia said the company's business was driven by strong sales growth in 5G networks and equipment, particularly in the US and China, during the quarter.

Under the leadership of Lundmark, who took over at the top of the company last year, Nokia has revamped its business strategy. He said Nokia aims to become the world leader in 5G - the new generation of broadband technology - even if it means sacrificing short-term profitability.

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