Nokia quarterly profit falls 32% but sees improved demand in 2nd half

Finnish telecom equipment maker Nokia said on Thursday its operating profit fell 32 per cent in the second quarter because of continued weak demand for 5G telecom equipment but forecast a demand improvement in the second half.

Its comparable operating profit fell to 423 million euros ($462.38 million), from 619 million euros in the same quarter a year earlier.

Nokia and its Swedish rival Ericsson have been hit by customers buying less telecom equipment, and have announced thousands of lay-offs in response.