Helsinki: Finnish telecoms equipment maker Nokia on Thursday posted its fifth straight quarter in the red, though its losses narrowed in a "challenging" first quarter as sales slowed in North America.
The company's net loss shrank by 45 percent to 270 million euros ($329 million) year-on-year. Nokia has not turned a profit since the fourth quarter of 2016.
Sales plunged by eight percent in the quarter to 4.93 billion euros, weighed down by the mediocre performance of Nokia's main business, networks, in North America.
Despite the slow start, Nokia's chief executive Rajeev Suri said there was "strong momentum building for the full year".
"Our confidence is based on strong order intake and backlog" in the first quarter, Suri said in a statement.
But investors did not seem convinced by his optimism, and Nokia's stock plunged by 7.8 percent soon after the stock market opened in Helsinki in a flat overall market.
Comments
Comments are closed for this article.