The head of Nokia's software business Bhaskar Gorti defended the Finnish mo...
HELSINKI - The head of Nokia’s software business Bhaskar Gorti defended the Finnish mobile network maker on Wednesday against market fears that it is lagging behind its peers Ericsson and Huawei in 5G development.
Last month Nokia cut its outlook for this year and next because of the need to step up its investments in 5G - news that knocked a third off its share price. Nokia was wrong-footed by waiting for 5G radio standards to enter force late last year, while rivals were quicker to revamp products in anticipation of early rollouts in the United States and Korea, industry sources and analysts told Reuters.
“I personally think we have an at least 2 to 3 years or more lead on our nearest competitor Ericsson ,” he said.The operating profit from Nokia’s software business grew 108% to 156 million euros year-on-year in the third quarter, topping the profit from Nokia’s long-time main business the networks at 128 million for the quarter.
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