Nokia improves profitability despite sales decline amid COVID-19 – Times of Oman

SourceTimes of Oman
SectorFinancial Markets

August 1, 2020 | 12:28 PM by Xinhua Helsinki: Finland-based network equipment manufacturer Nokia said on Friday it had improved its profitability in April-June 2020, though there was a drop in its second quarter (Q2) net sales. According to the report published by Nokia on Friday, its net sales in Q2 2020 amounted to 5.1 billion euros (6.04 billion US dollars), down by 11 per cent year on year, while its operating profit in Q2 was 423 million euros, compared to 451 million euros of Q2 2019. However, Nokia Networks sector has made an excellent performance in Q2 2020. Although net sales of Networks declined by 10 per cent year-on-year to 3.96 billion euros, its operating profit up by 109 per cent to 249 million euros. Rajeev Suri, President and CEO of Nokia, said more...