Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!
you are here: HomeNewsBusiness

Nokia first-quarter in profit, revenues miss consensus

Nokia Oyj on Thursday reported a 2% fall in first-quarter revenue that missed analysts' estimates, as it took a hit of about 200 million euros to its topline largely because the COVID-19 pandemic disrupted supply in China.

April 30, 2020 / 12:43 PM IST

Nokia Oyj on Thursday reported a 2% fall in first-quarter revenue that missed analysts' estimates, as it took a hit of about 200 million euros to its topline largely because the COVID-19 pandemic disrupted supply in China.

It, however, eked out a small profit backed by good demand for its new 5G telecoms equipment.

The Finnish company, battling with China's Huawei and Sweden's Ericsson, is trying to strengthen its 5G slate and looking especially to deployment by US telecom companies for growth.

Nokia reported January-March revenues of 4.9 billion euros ($5.33 billion), missing the 5.1 billion euro consensus figure, according to Refinitiv data.

Its rivals, Ericsson and Huawei, have posted growth in revenue in the first quarter of the year, helped by strong demand as telecom services help to keep businesses working remotely during the pandemic.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

Nokia, which has been trying to reduce product costs and delays in shipment, said product cost reductions were proceeding well and there was an increase in shipment of its new 5G ReefShark equipment.

Nokia generated a first-quarter underlying profit of 1 cent per share, beating analysts forecast for breakeven, and a loss of 2 cents per share in the same period last year.

The company also lowered its full-year earnings to 23 euro cents from 25 euro cents. Analysts had expected 24 euro cents. "We did not see a decline in demand in the first quarter.

As the COVID-19 situation develops, however, an increase in supply and delivery challenges in a number of countries is possible and some customers may re-assess their spending plans," Chief Executive Officer Rajeev Suri said in a statement.

($1 = 0.9211 euros)
Reuters
first published: Apr 30, 2020 12:40 pm

stay updated

Get Daily News on your Browser
Sections