Loss for Nokia af­ter flat sales

The Star Early Edition - - INTERNATIONAL -

NOKIA has re­ported a con­tin­ued loss in the sec­ond quar­ter with al­most flat sales, mainly caused by a 5 per­cent de­cline in its core net­works busi­ness. The Fin­land-based net­works com­pany says its net loss was €423 mil­lion (R6.42 bil­lion), less than the €667m a year ear­lier. Sales in the pe­riod grew 1 per­cent to €5.6bn. The com­pany’s chief ex­ec­u­tive, Ra­jeev Suri, yes­ter­day de­scribed “head­winds” in the pe­riod and pre­dicted a fur­ther drop in the net­works sec­tor. “We now ex­pect a de­cline in the mar­ket in the range of 3 to 5 per­cent, ver­sus our ear­lier view of a low-sin­gle-digit de­cline. … We ex­pect our net­works sales to per­form in line with the mar­ket,” Suri said yes­ter­day.

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