Nokia reported a loss of 59m euros for the first quarter

Nokia reported a loss of 59m euros for the first quarter

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The Finnish telecommunications maker surprised analysts after announcing an unexpected financial loss for the last quarter. The company’s performance is not related to poor sales or other issues of a similar nature, but are mainly caused by delayed payments related to 5G technology.

Nokia owns one of the most diverse patent catalogs that licenses other manufacturers and is the leading source of revenue for the company.

After the information became public, it caused a decline in the value of its shares of 10%, which reached its lowest level in six months. Nokia’s specialists also predict that the company’s tensions will continue in full force in the second half of this year, Reuters reported.

The specific reason for the results during the quarter is the inability to collect about 200 million euros in the form of licensed fees from its 5G patent portfolio.

However, the company expects the amount to be paid during the calendar year and reflects its results in the coming quarters by the end of 2019. Networked companies reported losses of over 250m euros, due to Nokia’s 5G technology investments in this period, which are still not generating dividends.

In conclusion, we will notice that the operating loss for the last quarter amounted to 59 million euros.

Nokia reported a loss of 59m euros for the first quarter

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