Nokia posts upbeat quarterly results, signs MoU with Telefónica for 5G testing
Nokia says high performance in its Networks and Technologies businesses drove better-than-expected fourth quarter figures.
The Finnish telco, along with a number of other leading European companies, posted its comprehensive financial report on Thursday, with group earnings pitching in at €1bn for Q4.
Though that figure was boosted by a one-off patent payment of €220mn from Huawei, there was a 2% net sales growth in Networks and a huge 79% year-on-year net sales increase in Technologies, the division which focusses on advanced tech in both consumer and business sectors.
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Nokia has also agreed a Memorandum of Understanding with Spanish rival Telefónica which will see the two companies test the latest 5G technologies at Telefónica's research and development lab in Munich.
"This performance reflects the progress we have made since Q3 with our mobile product portfolio, and positions us well for the upcoming transition to 5G," said Rajeev Suri, President and CEO.
"Continued momentum in executing our strategy was also evident in the quarter. Our position with our core communication service provider market remains strong.
"As we work to deliver that sharply improved performance, we will do so in a very Nokia way: disciplined execution, relentless focus on costs and a commitment to innovation and technological leadership for our customers."