Nokia finally turning loss into profit with first quarter net profit reaching US$317 million

by Ashish

Nokia today released its first-quarter financial report for the 2021 fiscal year. According to the financial report, according to the International Financial Reporting Standards (IFRS), Nokia’s net sales in the first quarter were 5.076 billion euros (approximately US$6.159 billion), an increase of 3% from the 4.913 billion euros in the same period last year, attributable to shareholders of Nokia’s parent company.

The net profit of 261 million euros (about 317 million US dollars), the net loss of 117 million euros in the same period last year. Due to the strong growth of network infrastructure and the strong growth of mobile networks, Nokia has a strong start this year, with net sales increasing by 3%.

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In addition, the company’s fixed currency net sales increased by 18% year-on-year, and 63 new customers were acquired, more than twice the number of new customers in the first quarter of 2020. This turnaround to profit is mainly due to the growth of 5G, which the official attributed to the favorable product and regional market combination and the improvement of the entire network infrastructure.

It is reported that Nokia has a healthy liquidity position this quarter, with net cash of 3.7 billion euros and total cash of 8.8 billion euros. Looking to the future, they only hope to maintain the outlook for 2021 and 2023.

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