Nokia sees stronger H2 after Q1 comparable profit grows less than expected

FILE PHOTO: A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File Photo

(Reuters) -Finnish telecom gear maker Nokia reported on Thursday a smaller rise than expected in first-quarter comparable operating profit as sales tumbled when operators reduced spending on 5G technology.

Operating profit excluding certain items of income and expenses grew to 597 million euros from a year-earlier 479 million, helped by cost cuts as constant-currency sales fell 19%.