Nokia Witnesses Huge Q2 Boast With the Arrival of New Chief Executive

The Finnish telecom manufacturer Nokia witnessed a surprise second-quarter boast as the new CEO is all set to take the office later this week. The company saw a 22 percent rise in profit with a total of 316 million euros ($376 million) in the second quarter.

Nokia Witnesses Huge Q2 Boast With the Arrival of New Chief Executive

Lately, Nokia posted financial results for the April to June period and stated that the COVID-19 crisis has lessened net sales by nearly 500 million euros for the first half of the2020. Though, the company expects most lost sales to move to future periods.

The company told that it was successfully able to boost profitability for the Q2, and upgrade its earnings outlook for this year, by ascending back on its service business along with signing some 5G deals in the highly competitive Chinese market.

While mentioning the reason for company’s revenue decline, the incumbent president and chief executive of Nokia, Rajeev Suri stated,

The result of Covid-19 as well as a sharp decline in China based on the prudent approach we have taken in that market. We also saw a reduction driven by our proactive steps to reduce the volume of the low margin services business.

The incoming CEO Pekka Lundmark is all set to take over the Finnish company this weekend, and Nokia is in a much better position than analysts forecasted.

Nokia’s Q2 underlying earnings rose to 0.06 euros per share, up from 0.05 euros a year ago, beating the 0.03 euros consensus in a Refinitiv poll.

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