Nokia makes small profit despite supply disruption

Nokia Oyj reported a 2% fall in first-quarter revenue as it took a hit of about 200 million euros ($217 million) to its topline largely because the COVID-19 pandemic disrupted supply from operations in China.
It, however, eked out a small profit backed by good demand for its new 5G telecoms equipment.
The Finnish company, battling with China’s Huawei and Sweden’s Ericsson, is trying to strengthen its 5G slate and looking especially to deployment by U.S. telecom companies for growth.
Nokia reported January-March revenues falling to 4.9 billion euros, missing the 5.1 billion euro consensus figure, according to Refinitiv data.
Its rivals, Ericsson and Huawei, have posted growth in revenue in the first quarter of the year, helped by strong demand as telecom services help to keep businesses working remotely during the pandemic.