Nokia shares slide 8% after posting lowest quarterly net sales figure since 2015

Nokia reported a 32% drop in its second-quarter operating profit, which amounted to 423 million euros. The decline was attributed to weak demand for its 5G equipment and a challenging year-ago comparison period, primarily influenced by India’s rapid 5G deployment. The company’s net sales also fell by 18% to 4.47 billion euros, the lowest level since Q4 2015. Nokia CEO Pekka Lundmark acknowledged the challenging mobile networks sector but expects a stabilizing industry environment and significant net sales growth in the second half of the year based on recent order intake.