Nokia sees double-digit fall in January-March sales as weak market for 5G technology prevails

Wireless and fixed-network equipment maker Nokia has reported a smaller-than-expected profit and a substantial double-digit fall in sales in the first quarter due to a market weakened by a lack of investment by clients in 5G technology. The Finnish company reported a net profit of 501 million euros for the January-March period, up 46% from 342 million euros a year earlier. One-off gains from Nokia’s licensing business contributed to the profit. Nokia's CEO said the ongoing weakness in the telecom equipment market was expected, because of economic uncertainty and high financing costs.