Nokia sales and profit drop as economic challenges lead to cutback on 5G investment

HELSINKI (AP) — Nokia has reported a double-digit decline in sales and a fall in profit in the last three months of 2023. The wireless and fixed-network equipment maker said Thursday that operators are cutting back on investments into 5G and other technology because of economic uncertainty. The Finnish company reported net profit in the fourth quarter dropped nearly 40% compared with the same period a year earlier. It also says sales dropped 23%. CEO Pekka Lundmark says Nokia was affected by a challenging economic picture and high interest rates, along with the impact of customers that already had bought new equipment and didn’t intend to get more.