Nokia Q2 2024 results released on July 18’ 2024. Q2 Highlights a decline in sales across various segments particularly in India.
Nokia Q2 sales in India declined significantly. Nokia’s net sales in India dropped by 68% compared to Nokia Q2 2023. This translates to a decrease from 1.03 billion euros to 329 million euros.
The decline is primarily attributed to reduced spending on 5G network equipment by major Indian telecom operators Reliance Jio and Bharti Airtel.
Nokia Q2 2024 also experienced an 18% decrease in global sales, partly due to the strong performance in India in the previous year. The decline in sales has negatively affected profitability in Nokia Q2 2024.
Nokia Q2 2024 results key highlights:
Overall sales decline: Nokia’s net sales decreased by 18% year-over-year (YoY), primarily due to lower spending on 5G network equipment by major Indian telecom operators Reliance Jio and Bharti Airtel.
India sales plunge: Nokia’s net sales in India dropped significantly by 68% YoY, from €1.03 billion to €329 million, due to reduced 5G capex by Indian operators.
Profitability impact: The decline in sales negatively impacted Nokia’s profitability in Q2 2024.
Network Infrastructure decline: Net sales in Network Infrastructure declined by 14% YoY, primarily due to lower 5G demand in North America.
Mobile Networks growth: Net sales in Mobile Networks grew by 3% YoY, driven by increased demand in regions like India (despite the overall decline in the country) and Latin America.
Cloud and Network Services decline: Net sales in Cloud and Network Services decreased by 5% YoY, mainly due to lower spending by CSPs (Communication Service Providers) in North America.
Overall, Nokia Q2 2024 sales decreased across all business segments compared to the same quarter in the previous year. The decline in sales was particularly significant in India. Nokia sold its Submarine Networks business, which is now reported as a discontinued operation.