Nokia sales drop on slowing 5G gear demand
Thu, Oct 19, 2023 1:04 PM

Nokia sales drop on slowing 5G gear demand

A Flip by Shubhangi Gupta
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Nokia announced a new cost savings plan of 700-800 million euros in annual savings from 2021 onwards, to compensate for the lower revenue. Nokia reported a 20% decrease in third-quarter sales due to slowing 5G equipment sales. Revenue missed estimates and as a result, Nokia introduced a new cost savings plan that is estimated to bring in savings of 700-800 million euros annually beginning 2021.

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