Finnish telecoms giant Nokia has reported an unexpected loss in an early blow in its battle to dominate the upcoming launch of faster 5G wireless networks.
Nokia’s loss for the first three months of 2019 was €116m (£100m) in what chief executive Rajeev Suri called “a bit of a perfect storm” amid underwhelming sales of 5G software.
The results come after Nokia’s biggest rivals, Swedish telecoms firm Ericsson and embattled Chinese firm Huawei, both posted revenue and profits growth.
Ericsson’s shares hit a four year high after beating analyst expectations last week, while Nokia shares fell as much as 11pc in early trading on Thursday, their lowest level in six months.
Suri said some rivals were seeking to be “more commercially aggressive in the early stages of 5G”. The company added that this “intensity could increase in some accounts as some competitors seek to take share in the early phases of 5G”.