Finnish telecom network equipment maker Nokia on Thursday reported a surprise rise in quarterly profits, citing rising demand, and stuck to its 2019 forecasts.

Nokia reported April-June underlying earnings per share of 0.05 euros, compared with a 0.03 euros average forecast in a Refinitiv poll.

The company said second quarter revenues rose 7% from a year ago to 5.69 billion euros ($6.34 billion), beating analysts' average forecast of 5.43 billion in the poll.

The telecom networks industry has faced slowing demand since 4G network sales peaked in the middle of the decade, but a new cycle of network upgrades appears to be kicking in as demand for 5G technology increases.

Copyright Reuters, 2019