Shares of Finnish telecom firm Nokia plunged after a steep drop in sales and operating profit in the second quarter.
Nokia said its comparable operating profit declined to 423 million euros in the second quarter, down by nearly a third from the 619 million euros posted in the same period of last year.
Nokia logo exhibited at Nokia stand during the Mobile World Congress on March 3, 2022 in Spain. The telecommunications company announced its exit from Russia on Tuesday.tumbled on Thursday after the company reported a 32% drop in second-quarter operating profit on the back of weak demand for its 5G equipment.its comparable operating profit declined to 423 million euros in the second quarter, down by nearly a third from the 619 million euros posted in the same period of last year.
"While the dynamic is improving, the net sales recovery is happening somewhat later than we previously expected, impacting our business group net sales assumptions for 2024," Lundmark said. "Despite this, we remain solidly on track to achieve our full year outlook supported by our quick action on cost."
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