Nokia reports 18 per cent decline in Q2 due to weak 5G equipment demand from India

NEW DELHI: Telecom gear maker Nokia reported an 18% year-on-year decline in sales for the second quarter of 2024, largely due to weakened demand for 5G equipment in India. Pekka Lundmark, Nokia President and CEO, in the earnings call explained that the company’s Q2 performance continued to suffer from market weaknesses, with net sales declining 18% year-over-year in constant currency terms. Lundmark noted that a key factor behind this decline was a challenging year-ago comparison period, which saw peak 5G deployment in India, with the country accounting for three-quarters of the sales drop.