Nokia on Thursday posted its complete financial report for the second quarter of the year, revealing that it managed to reduce its net loss to €423 million ($495.69 million) down from €667 million it posted in Q2 2016. The Finnish tech giant attributed the improvement to several factors, noting how its adjustable attributable profit now amounted to €0.08 per share, or €449 million in total, a significant increase compared to €194 million recorded in the same period last year. Disregarding exchange rate fluctuations, the company’s net sales haven’t changed in a significant manner compared to Q2 2016.
Nokia’s Network unit experienced a five percent year-on-year decline in net sales, the company revealed, attributing the decrease in performance to its Ultra Broadband Networks operations, i.e. a decline in both Mobile and Fixed Networks. IP/Optical Networks and Applications also saw a slight decrease, whereas net sales of Global Services stagnated during the three-month period, the tech giant said. That minor decline in performance was alleviated by the success of Nokia Technologies, with this particular unit of the company recording a massive 90 percent increase in sales compared to the second quarter of 2016. The improvement is understood to be a direct consequence of a number of new licensing agreements that were signed and expanded upon in recent months. Nokia Technologies posted €230 million in operating profit during the three-month period ending June 30, marking a 158 percent performance increase compared to the same period last year.
Nokia President and Chief Executive Officer Rajeev Suri stated he’s mostly pleased with the latest financial results, adding how he’s “proud” of his team and everything they have managed to accomplish in recent times. The Finnish tech giant is also optimistic regardings its prospects in the medium term as it’s looking to play a pivotal role in the global deployment of 5G technologies. The company’s top executive referred to Nokia’s deal with Apple as “a clear highlight” of the second quarter, adding how the firm will continue pursuing new licensing opportunities in the consumer electronics industry. Suri still admitted that Nokia has many challenges ahead of it but believes the firm has now proven that it’s still able to deliver at the highest level and will continue doing so in the future.