Nokia profit dips as it sees challenges in US market for 5G

HELSINKI: The Finnish telecommunications networks provider Nokia on Thursday reported a smaller than expected drop in profit in the fourth-quarter while it acknowledged it was facing some challenges in the race for 5G networks, particularly in the North American market.

The company based in Espoo, Finland, saw net profit for the October-December period drop 1% to 811 million euros ($973 million). Sales were down 5% to 6.6 billion euros.

CEO Pekka Lundmark, who took over the role in August, described the fourth quarter result as “solid” but warned that the current year wouldn’t be easy for Nokia.