Nokia 2Q profit beats expectations on strong 5G demand

HELSINKI (AP) - Wireless and fixed-network equipment maker Nokia on Thursday reported a second-quarter profit above analyst expectations on strong demand for 5G technology from phone operators and improved competitiveness of its main business units.

The Espoo-based company reported net profit of 585 million euros ($597 million) for the April-June period compared with 539 million euros a year earlier.

Net income attributable to shareholders was up 9% at 582 million euros, from 532 million a year earlier.

Nokia's sales were up 11% at 5.9 billion euros.

CEO Pekka Lundmark said in a statement 'œwe delivered another quarter of robust profitability,'ť adding that he was particularly pleased to see Nokia's two main business units - Mobile Networks and Network Infrastructure - performing well.

'œOur continuing investments in technology leadership and competitiveness are showing results. We are confident that we will deliver growth on a full-year basis this year,'ť Lundmark said in a video message published on YouTube after the release of the earnings report.

Nokia is one of the world's main suppliers of 5G - the latest generation of broadband technology - along with Sweden's Ericsson, China's Huawei and South Korea's Samsung.