Nokia's President and Chief Executive Officer Pekka Lindmark stated on Thursday that the company's demand reached its lowest level during the first quarter of 2024, after which the firm will pick up "through the remainder of 2024."
His remarks come as Nokia's net sales fell 19% due to operators' spending on 5G technology slowed during the three months to March. While commenting on cloud and network services, the CEO added that Nokia saw a soft beginning this year, "related to the challenging spending environment," but there are improvements in sight.
"We have been executing quickly on the operating model changes we announced back in October along with our cost savings roadmap. These actions, combined with our expectation for improved net sales growth in the second half of the year, supported by our order backlog, mean we are solidly on track to achieve our full year comparable operating profit outlook of €2.3 to €2.9 billion."
