Nokia reduced its losses by up to 74%
The phone manufacturer presented a reduction during the first quarter of the year, valued at 114 million euros
The Finnish manufacturer of telecommunications and network equipment Nokia reduced its attributed net losses in the first quarter of 2020 by 74% compared to the same period of the previous year, with ‘red numbers’, of 114 million euros, as reported this Thursday by the company.
The turnover between January and March decreased by 2.4%, to 4,913 million euros. By business segment, the networks division contracted 4.7%, to 3,757 million euros, while the software area advanced 12.9%, to 613 million euros. On its side, the technology branch fell 6.2%, with 347 million euros.
With regard to expenses, the cost of products sold decreased 9.2%, reaching 3,135 million euros. The research and development (R&D) item decreased by 14.6%, to 987 million euros, while sales, general and administrative costs were 762 million euros for a 7.5% less.
“Nokia’s strong first quarter results show broad profitability improvements over last year as our transformation and product cost reduction efforts begin to take shape,” said the company’s president and chief executive officer Rajeev Suri.
The company’s chief executive has quantified the impact of Covid-19 on the company’s results at 200 million euros, mainly due to the problems observed in China in this period.
K. Tovar
Source: dpa
