Nokia sales up 3% despite Huawei network biz facing crisis

Nokia reported 3 percent increase in sales to 5.076 euro billion during the first quarter of 2021, indicating it is yet to cash in on the Huawei crisis.
Nokia sales Q1 2021Nokia India reported sale of €248 million, registering 27 percent increase, during the first quarter of 2021.

India business of Nokia reported a dip in Q1 sales as compared with Q4 2020 and Q3 2020.

Huawei earlier said it achieved stable growth in sales during Q1 2021 at its telecom equipment business despite facing challenges due to security issues. Huawei is currently aiming to make investment in EV business as it faces crisis in smartphone and networking business.

Nokia generated revenue of €2.262 billion from Mobile Networks, €1.727 billion from Network Infrastructure, €674 million from Cloud and Network Services and €365 million from Nokia Technologies in Q1 2021.

Nokia generated revenue of €1.664 billion in North America, €1.474 billion in Europe, €581 million in Asia Pacific, €415 million in Middle East & Africa, €402 million in Greater China, €293 million in Latin America and €248 million in India.

Nokia said reported net profit was EUR 263 million, compared to a net loss of EUR 115 million in Q1 2020.

“Today’s results demonstrate that we are on track to deliver on our three-phased plan to achieve profitable growth and technology leadership as announced at our recent Capital Markets Day,” Pekka Lundmark, President and CEO at Nokia.

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