The Ericsson competitor Nokia is falling hard on the Helsinki stock exchange, down 8 percent, after the Finnish telecom equipment manufacturer's quarterly report for the second quarter.
In the report, Nokia reports an adjusted operating profit of 423 million euros for the second quarter, down from 619 million a year earlier.
This was better than the average forecast among analysts of 372 million, according to Bloomberg.
Nokia's revenues fell 18 percent to 4.5 billion euros – which is the lowest net sales for the telecom equipment manufacturer in almost nine years.
The sales setback was unexpectedly large and, just like for Ericsson, much can be explained by a sharp decline in sales in India. Analysts had on average expected 4.8 billion, according to Bloomberg.
Pekka Lundmark, Nokia's CEO, warns of a challenging time ahead as operators remain cautious. But Nokia's forecasts are confirmed and the company expects a recovery in sales during the second half of the year.
