Lower spending in India and North America led to 37% decline in sales
New Delhi: Finnish telecom gear maker Nokia posted a 69 per cent decline in India sales to 265 million euros, about Rs2,360 crore, in the March quarter due to moderating 5G rollout in the country.
The company had posted net sales of 853 million euros in the year-ago period.
“Net sales in APAC declined strongly in the quarter, mainly due to Mobile Networks and Network Infrastructure. Within APAC (Asia Pacific), India net sales declined reflecting the normalisation of 5G investments in the region after significant deployments in the year-ago quarter,” Nokia said.
The lower spending levels in India and North America led to a 37 per cent decline in sales of Nokia’s mobile network at the global level.
“A slower pace of spending in India was anticipated following the rapid 5G deployment seen in H1 (first half) 2023, and our expectations for India for the full year remain unchanged,” Nokia President and CEO Pekka Lundmark said.
Nokia’s overall net sales fell 20 per cent to 4.6 billion euros during the reported quarter from 5.85 billion a year ago.
