Nokia sees 'challenging' 2024 after profits plunge

Finnish telecommunications equipment manufacturer Nokia issued a cautionary statement on Thursday, anticipating challenging economic conditions in the initial half of the current year following a significant decline in its net profit throughout 2023. In response to reduced customer spending amidst a global economic slowdown, both Nokia and its Swedish counterpart, Ericsson, have initiated cost-cutting initiatives. Nokia disclosed a net profit of 679 million euros ($739 million) for the previous year, marking an 84 per cent decline compared to 2022. https://ift.tt/LUtCohD