Nokia announced on Tuesday that it would raise its full year outlook as business picked up in the second quarter and its expectations for the year improved.
The telecommunications equipment maker, which will be giving its new outlook on July 29th while presenting its second quarter results, had previously forecast net sales of € 20.6 billion to € 21.8 billion for 2021.
Nokia struggled with Nordic rival Ericsson as product flaws in the early stages of 5G hampered growth and led to changes in top management.
But under the leadership of Pekka Lundmark, Nokia has reclaimed lost ground by changing its operating model, cutting costs, laying off thousands of employees and forging new partnerships with technology and telecommunications companies.
“Our performance in the first half of the year has demonstrated this through good cost control and has also benefited from strength in a number of our end markets,” CEO Lundmark said in a statement.
A spokeswoman did not want to give further details.
The company also received a boost as Huawei’s withdrawal from several European markets gave it access to newer markets and a dispute between the Swedish government and Huawei is likely to result in Nokia getting more 5G business in China later this year.
($ 1 = 0.8433 euros)
Also Read: Telecom Watchdog Urges DoT To Stop Amazon, OneWeb, and Starlink To Purchase 5G Spectrum For Free Through The Backdoor
Also read: Samsung will likely look to expand its PLI program for the telecommunications sector