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Telecom gear maker Nokia on Thursday reported a 69% year-on-year (y-o-y) decline in revenue from its India operations to €329 million (around Rs 3,007 crore) in constant currency terms for the April-June quarter, according to the company’s earnings. A weakness in sales for Nokia compared to the year-ago period is due to a reduction in capex by Jio and Airtel, following the completion of their nationwide 5G rollout.On a quarter-on-quarter (q-o-q) basis, sales rose 24% from €265 million (around Rs 2,400 crore) in the preceding quarter, attributed to certain order wins in network infrastructure. “The most significant impact was the challenging year-ago comparison period which saw the peak of India ’s rapid 5G deployment, with India accounting for three quarters of the decline,” said Pekka Lundmark, president and CEO of Nokia, in the earnings release.”Looking forward, we believe the industry is stabilising, and given the order intake seen in recent quarters, we expect a significant acceleration in net sales growth in the second half,” Lundmark added. Last week, Ericsson reported a 32% q-o-q decline in revenue from its India operations to 3.6 billion Swedish crowns (around Rs 2,850 crore) for the April-June quarter. On a y-o-y basis, the company’s sales from India fell 60%.In India, the companies are supplying network equipment such as 5G Radio Access Network (RAN) to telecom operators Reliance Jio and Bharti Airtel . They are also in discussions with Vodafone Idea to obtain new orders for 4G and 5G equipment.Globally, Nokia’s net sales fell 18% y-o-y to €4.5 billion (around Rs 41,000 crore). The company reported a net loss of €142 million (Rs 1,300 crore) in the quarter compared to a profit of €289 million (Rs 2,640 crore) in the year-ago period. Get live Share Market updates, Stock Market Quotes , and the latest India News … Read More and business news on Financial Express. Download the Financial Express App for the latest finance news. None
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