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Global CEOs of Nokia and <keyword id="6356812" type="General" weightage="50" keywordseo="ericsson" source="Orion">Ericsson</keyword> see <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> taking lead over the rest of the world in the digital infrastructure with the fastest 5G rollout, making it a bright spot for future economic growth. While speaking at the CII Partnership Summit, Nokia Corporation President and CEO <keyword id="4324516" type="General" weightage="50" keywordseo="pekka-lundmark" source="Orion">Pekka Lundmark</keyword> said that India will be one of the key winners based on the developments happening around the world. "What I believe is really impressive is the way India has been systematically building the digital ecosystem. Now the most ambitious and the fastest by a big margin 5G rollout in the world, these are our building blocks for the future economic growth in any country and India is really taking a lead in this respect," Lundmark said. He said that India is now the second biggest market for Nokia and the company is exporting 5G base stations from here to other parts of the world. "The next big thing in India will be industrial digitalization, manufacturing industry 4.0 and the opportunity to use this platform that you've been building to attract more and more manufacturing, and also very importantly R&amp;D to the country," Lundmark said. Ericsson, President and CEO, Borje Ekholm said 4G helped build digital companies in the US and China like Facebook, Tencent etc and with rapid 5G rollout India will have the most modern digital infrastructure. "We saw all the big consumer applications developing over the last few years. We have seen them develop in the two countries that built out the first 4G networks in the world. That happened to be the United States and it happened to be China. Almost all jobs in the consumer sector or digitalized in the consumer were created there. "With 5G, we're going to digitize society and those jobs will be created in the country where the digital infrastructure is built first. With the pace India is building out 5G, it will have the most modern digital infrastructure in the world," Ekholm said. Both Ericsson and Nokia pitched for the world to follow a global standard to keep the cost of technology lower otherwise it will hurt economies of scale, digital inclusion of rural masses and the global economy. General Atlantic (India), Managing Director, Sandeep Naik said that India is a top-growing economy and foreign direct investment worth USD 100 billion is estimated to flow in India over the next 10 years. "In terms of private capital entering India, we did around USD 40 billion in 2021, I see that easily going over USD 100 billion in the next five years. I think that is a conservative number in terms of private capital coming into the country. As General Atlantic, we will have a fair share of that market," Naik said. Nestle India, Chairman and Managing Director, <keyword id="2691730" type="General" weightage="50" keywordseo="suresh-narayanan" source="Orion">Suresh Narayanan</keyword> said that the spectre of inflation, especially food inflation is still there. "We cannot wish it away and we cannot assume that it is not going to be haunting us for a while. This clearly has implications in terms of price values, cost, incomes, expenditures and all of that. The fact that we are a consumption-driven economy, gives us a lot of hedge in terms of some of the global volatilities that we have. "I think an important issue for us is to use the opportunity to digitally transform our businesses across the value chain," <keyword id="49091" type="General" weightage="50" keywordseo="narayanan" source="Orion">Narayanan</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-falls-25-paise-to-82-62-against-us-dollar/articleshow/98662298.cms">Rupee falls 25 paise to 82.62 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/tiny-plastic-shards-are-tearing-through-the-digestive-tracts-of-wild-birds-and-causing-permanent-scarring/articleshow/98662131.cms">Tiny plastic shards are tearing through the digestive tracts of wild birds and causing permanent scarring</a>

Global CEOs see India as a bright spot, leader in 5G rollout

<keyword id="6354716" type="COMPANY" weightage="20" keywordseo="Nokia">Nokia</keyword> has announced it will lay off 10,000 <keyword id="6357081" type="UNKNOWN" weightage="20" keywordseo="employees">employees</keyword> in the next two years as part of its <keyword id="620644" type="PERSON" weightage="20" keywordseo="restructuring-plans">restructuring plans</keyword>, reset its <keyword id="10944738" type="UNKNOWN" weightage="20" keywordseo="cost-bases">cost bases</keyword> and invest in R&amp;D and <keyword id="9429475" type="UNKNOWN" weightage="20" keywordseo="future-capabilities">future capabilities</keyword> including 5G, cloud and digital infrastructure. On a group level, this is expected to lower the company's cost base by approximately 600 million euros by the end of 2023. These savings will offset increased investments in R&amp;D, future capabilities and costs related to salary inflation. "Planned restructuring is expected to result in an 80,000-85,000 employee organisation, over an 18-24-month period, instead of the approximately 90,000 employees Nokia has today," the company said in a statement late on Tuesday. In October last year, the company announced a new operating model designed to better position the company for changing markets and align with customer needs. "Nokia now has four fully accountable business groups. Each of them has identified a clear path to sustainable, profitable growth and they are resetting their cost bases to invest in their future," said <keyword id="4324516" type="COMPANY" weightage="20" keywordseo="pekka-lundmark">Pekka Lundmark</keyword>, President and CEO. "Each business group will aim for technology leadership. In those areas where we choose to compete, we will play to win. We are therefore enhancing product quality and cost competitiveness, and investing in the right skills and capabilities," Lundmark added. The savings will take place gradually and will offset increased investments in R&amp;D, future capabilities and costs related to salary inflation. Additional long-term benefits that Nokia will action include streamlining its portfolio and reducing site fragmentation, the company said. Nokia said it expects approximately 500 million euros of cash outflows related to its previous restructuring programme. The company said the mobile networks division aims to be the indisputable top in wireless mobility networks and associated services. To achieve this goal, Nokia will focus on strengthening technology leadership and will further invest in 5G R&amp;D. It will also accelerate efforts to digitalize processes and tools across the value chain. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nazara-technologies-ipo-opens-today-should-you-subscribe/articleshow/81542657.cms">Nazara Technologies will be the first pure-play gaming company to debut on the Indian public markets – analysts are all in for it</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-initial-public-offer-ipo-worth-581-crore-live-should-you-subscribe/articleshow/81543610.cms">Suryoday Small Finance Bank IPO worth ₹581 crore opens today – should you subscribe?</a> <a href="https://www.businessinsider.in/tech/news/elon-musk-turns-down-1-million-for-the-tweet-he-was-selling-as-an-nft/articleshow/81546434.cms">Elon Musk turns down $1 million for the tweet he was selling as an NFT</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-easemytrip-ipo-allotment-and-listing-date/articleshow/81548106.cms">EaseMyTrip IPO allotment live – how to check allotment, listing date and more</a>

Nokia to fire 10,000 employees globally over the next two years as it shifts investments to 5G, cloud and digital infrastructure

New Delhi, Mar 2 () Telecom gear maker Nokia on Monday said its board of directors has appointed Pekka Lundmark as President and CEO to succeed Rajeev Suri. Lundmark is expected to start in his new role on September 1, 2020 and will be based in Espoo, Finland, the company said in a statement. It added that Suri, Nokia's current President and CEO, had indicated to the board earlier that he was considering stepping down from his role at some point in the future, provided a solid succession plan was in place. "Nokia's board of directors has conducted a structured process for CEO succession and has been working closely with Suri to develop internal candidates and identify external candidates. That process culminated today, March 2, 2020," it said. Suri will leave his current position on August 31, 2020, and continue to serve as an advisor to the Nokia board until January 1, 2021, as per the statement. Lundmark is currently President and CEO of Fortum, an energy company based in Espoo, Finland. Prior to Fortum, he has served as President and CEO of Konecranes. Between 1990-2000, Lundmark held multiple executive positions at Nokia, including Vice President of Strategy and Business Development at Nokia Networks. "With the acquisition of Alcatel-Lucent behind us and the world of 5G in front of us, I am pleased that Pekka has agreed to join Nokia," Risto Siilasmaa, Nokia board Chairman, said. Lundmark has deep experience in telecommunications networks, industrial digitisation, and key markets such as the US and China; and a focus on strategic clarity, operational excellence and strong financial performance, Siilasmaa added. "After 25 years at Nokia, I have wanted to do something different. Nokia will always be part of me, and I want to thank everyone that I have worked with over the years for helping make Nokia a better place and me a better leader," Suri said. SR ANSANS

Pekka Lundmark to succeed Rajeev Suri as Nokia President, CEO

<ul class="summary-list"><li>Nokia said on Thursday it is planning to cut up to 14,000 jobs — or around 16% of its workforce.</li><li>The company is planning to lower costs by up to 1.2 billion euros by 2026.</li></ul>Finland-based mobile company Nokia is planning to cut between 9,000 to 14,000 jobs amid a sales slump and reduced demand for 5G equipment, it <a href="https://www.globenewswire.com/en/news-release/2023/10/19/2762852/0/en/Inside-Information-Nokia-accelerates-strategy-execution-streamlines-operational-model-and-takes-action-to-protect-profitability.html" target="_blank" rel="noopener">said</a> on Thursday. The higher end of these cuts is likely to impact around 16% of the company's current global workforce of 86,000.The layoffs are part of cost-cutting measures to reduce expenses by 400 million euros, or $421 million, in 2024 and a further 300 million euros in 2025. The company wants to reduce total costs by 1.2 billion euros by 2026.In a separate<a href="https://www.globenewswire.com/en/news-release/2023/10/19/2762850/0/en/Nokia-Corporation-Interim-Report-for-Q3-2023.html" target="_blank" rel="noopener"> statement</a>, Pekka Lundmark, the CEO of Espoo-based Nokia, said that the company's third-quarter sales of 4.9 billion euros had declined by 15% compared to the previous year due to macroeconomic challenges and higher interest rates. The company reported operating profits of 424 million euros in the third quarter, a 36% drop from the same period last year."Resetting the cost base is a necessary step to adjust to market uncertainty and to secure our long-term profitability and competitiveness," Lundmark said.Nokia — which sold its mobile phone business to Microsoft in 2014 — expects to meet the lower end of its sales targets in the third quarter, which were set in the range of 23.2 billion to 24.6 billion euros.Nokia also slashed its outlook for the overall mobile networks market in 2023 and is now expecting a 9% reduction, compared to a previous forecast of a 2% drop. The company's slowing 5G growth in India could no longer compensate for the similar slowdown in North America, said Lundmark.A Nokia spokesperson directed Insider to the company statement in response to a request for comment.

Nokia says it's going to cut up to 14,000 jobs

<ul class="summary-list"><li><keyword id="14019650" type="UNKNOWN" weightage="60" keywordseo="6g" source="Orion">6G</keyword> networks will hit the market around 2030, <keyword id="11990141" type="UNKNOWN" weightage="60" keywordseo="nokia" source="Orion">Nokia</keyword>'s CEO said during a panel discussion at Davos.</li><li>The arrival of 6G would come amid an expansion of the "industrial <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword>," Pekka Lundmark said.</li></ul>6G networks will hit the market around 2030 as the "industrial metaverse" expands in the tech industry, Pekka Lundmark, the president and CEO of telecommunications company Nokia, has predicted.He made the comments during a <a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2022/sessions/strategic-outlook-on-the-digital-economy">Davos panel discussion </a>titled "strategic outlook on the digital economy" on Tuesday morning."Right now, we're all building 5G networks, as we know, but by the time quantum computing is maturing for commercial applications, we're going to be talking about 6G," Lundmark said. "By then, [2030], definitely the smartphone as we know it today will not anymore be the most common interface."According to Lundmark, the "physical world and the digital world will grow together." The eventual result could involve a user going into a VR world, flipping a switch or turning a dial, and changing something in the real, physical world. An industrial metaverse "could include models similar to comprehensive, detailed digital twins of objects that exist in reality," according to <a href="https://www.industryweek.com/technology-and-iiot/emerging-technologies/article/21234184/is-the-industrial-metaverse-the-next-big-thing">trade magazine Industry Week</a>.Ruth Parlot, chief financial officer at Alphabet, was also on the panel. She predicted that people would soon be able to instantly translate conversations using <keyword id="6369782" type="UNKNOWN" weightage="60" keywordseo="augmented-reality" source="Orion">augmented reality</keyword> (AR) glasses. "You'll be able to wear AR glasses and translate languages as you speak," Parlot said.There is no standard definition of 6G at this stage. It was <a href="https://www.reuters.com/article/us-telecoms-5g-idUSKCN1RH1V1">only in late 2018 and early 2019</a> that telecommunications networks began to roll out 5G on the commercial market in the US. Lundmark said moving to 6G would require even more expansive computational resources, including networks that are hundreds, if not thousands of times faster than 5G. Experts describe 6G not just in terms of faster speed and response times but as a major shift in networks, driven by technological development in quantum mechanics and artificial intelligence.Part of that shift would include interactive technologies that integrate the other human senses, such as smell, taste, and touch, into the user experience, Marianna Obrist, professor of multisensory interfaces at University College London, <a href="https://english.elpais.com/science-tech/2022-05-10/asi-sera-la-vida-en-10-anos-gracias-al-6g.html">wrote in El País</a> earlier this month."There will be the physical world and then there will be a digital world. There will be pretty much a digital twin of everything out there," Lundmark added during the panel discussion.

6G will hit the market around 2030 amid the expansion of the 'industrial metaverse,' Nokia CEO says

Career regrets are common, reader. I'm Diamond Naga Siu, and I used to regret my first job out of college. While working there, I thought I'd never become a reporter. And for more than half a year after leaving, I had recurring nightmares about working there.Not regretting my decisions was definitely a process — it's apparently a common experience for people. So my colleagues <a href="https://www.businessinsider.com/author/rebecca-knight">Rebecca Knight</a> and <a href="https://www.businessinsider.com/author/britney-nguyen">Britney Nguyen</a> broke down <a href="https://www.businessinsider.com/how-to-cope-career-regret-find-meaning-at-work-2022-1">how to experience, get over, and ultimately have fewer career regrets</a>.Two pieces of advice from experts in their story really resonated with me: <a href="https://www.businessinsider.com/how-to-cope-career-regret-find-meaning-at-work-2022-1">forgiving yourself and recognizing there are plenty of do-overs</a>. Since it's a tough time in the tech industry right now, I hope this resonates with some of you, too.But before this gets too sappy, let's jump into today's tech.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56" target="_blank" rel="noopener">here.</a><a href="https://www.businessinsider.com/google-layoffs-bard-chatbot-ai-2023-2"></a>Googlers are begrudgingly testing their company's ChatGPT competitor. CEO Sundar Pichai asked every employee to <a href="https://www.businessinsider.com/google-ai-chatbot-bard-chatgpt-2023-2">spend multiple hours testing Google's new chatbot Bard</a>. It was the search engine's response to OpenAI's ChatGPT. But Googlers aren't exactly having fun testing it.<ul><li>Employees are grumbling about the additional responsibility, especially so soon after <a href="https://www.businessinsider.com/google-layoffs-jobs-alphabet-work-employees-staff-sundar-pichai-2023-1">12,000 Googlers were laid off</a>. They were tasked with improving Bard by asking it questions and flagging bad answers, in addition to their normal responsibilities.</li><li>Unenthused employees used internal forums to gripe about the new task. Some made memes from the conversations they've had with Bard, continuing a <a href="https://www.businessinsider.com/google-employees-criticize-company-ceo-after-bard-ai-announcement-report-2023-2">trend of internally mocking the chatbot.</a></li><li>One employee asked Bard to tell a joke about Google's layoffs, according to leaked messages viewed by Insider. It responded with: "I'd tell you a joke about layoffs at Google, but I'm afraid I wouldn't have a job tomorrow."</li></ul><a href="https://www.businessinsider.com/google-layoffs-bard-chatbot-ai-2023-2">Check out more of the mocking memes here.</a>In other news:<a href="https://www.businessinsider.com/adu-tiny-homes-affordable-housing-california-laws-2023-2"></a><div type="image" title="Tiny homes in front of a collage of California landmarks" height="900" width="1200" msid="98277335" hostid="261" sizebytes="229702"></div>2. Tiny homes are taking over California. More than 60,000 tiny homes have been built in California backyards between 2018 to 2021. This could be a game changer in the state with the country's worst housing shortage. <a href="https://www.businessinsider.com/adu-tiny-homes-affordable-housing-california-laws-2023-2">Dive into the tiny-home mini-boom here.</a>3. One of Elon Musk's most loyal employees was reportedly fired. Esther Crawford, Twitter's director of product management, previously went viral after a photo was posted of her <a href="https://www.businessinsider.com/elon-musk-twitter-employee-photo-boss-asleep-office-floor-deadlines-2022-11">sleeping on the floor</a> of Twitter HQ. But now, multiple outlets are reporting she's been laid off, along with at least 50 team members. <a href="https://www.businessinsider.com/elon-musk-twitter-blue-esther-crawford-fired-layoffs-2023-2">Read more</a>. 4. Meta's LLaMA enters the generative AI DRaMA. Facebook's parent company just dropped its own ChatGPT competitor. It's designed for researchers to help make chatbots less toxic. <a href="https://www.businessinsider.com/mark-zuckerberg-meta-llama-generative-ai-model-chatbot-research-2023-2">Here's what we know about it so far.</a>5. Inside the "paparazzi-proof" penthouse that Bill Gates' daughter just bought. Jennifer Gates reportedly shelled out $51 million for her New York City pad. <a href="https://www.businessinsider.com/bill-gates-daughter-jennifer-penthouse-paparazzi-proof-nyc-building-tribeca-2023-2" target="_blank" rel="noopener">Check out the three-level Tribeca home here</a>.6. Netflix upped US prices, but cut them in 36 other countries. The <a href="https://markets.businessinsider.com/news/stocks/netflix-stock-price-cuts-100-countries-increased-streaming-competition-nflx-2023-2?_gl=1*qzi3wa*_ga*MzQ5NjAwNjkyLjE2NzI3NjI3ODY.*_ga_E21CV80ZCZ*MTY3NzI2ODc2NC4xNDMuMS4xNjc3MjcxMDcwLjAuMC4w">embattled streaming company</a> is focusing on customers outside the US. It recently also <a href="https://www.businessinsider.com/youve-got-less-than-10-weeks-continue-sharing-netflix-login-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*mq5quz*_ga*MzQ5NjAwNjkyLjE2NzI3NjI3ODY.*_ga_E21CV80ZCZ*MTY3NzI2ODc2NC4xNDMuMS4xNjc3MjcxMTEyLjAuMC4w">cracked down on password sharing</a>. <a href="https://www.businessinsider.com/netflix-hiked-us-prices-last-year-cutting-prices-other-countries-2023-2">Check out the countries with lowered subscription prices here.</a>7. Tim Cook, Elon Musk, and 12 other leaders dish on AI. ChatGPT, the buzzy generative AI chatbot, made a big splash. It's even caught the attention of tech leaders like Amazon CEO Andy Jassy. <a href="https://www.businessinsider.com/elon-musk-bill-gates-business-leaders-quotes-on-chatgpt-ai-2023-2" target="_blank" rel="noopener">Here's what 14 tech bigwigs think about AI tools like ChatGPT</a>.8. Leasing an electric vehicle could be the best way to go. <a href="https://www.businessinsider.com/used-electric-car-vehicle-prices-car-buyers-incentives-2023-1">EVs are still relatively new</a>. So a <a href="https://www.businessinsider.com/electric-car-vehicle-resale-value-mystery-tesla-2023-1">used EV's future value</a> is still relatively unknown — for both buyers and carmakers. <a href="https://www.businessinsider.com/ev-electric-car-lease-vs-purchase-buying-tips-cost-2023-2">This is why leasing an EV might make the most sense for you.</a>Odds and ends:<a href="https://www.businessinsider.com/victoria-cruise-lines-majestic-residential-cruise-ship-8000-month-photos-2023-2"></a><div type="image" title="Inside Victoria Cruises Line's residential cruise ship" height="1725" width="2300" msid="98277338" hostid="261" sizebytes="59710"></div>9. Get a full tour of living arrangements at sea. An old Holland America cruise ship was turned into a residential vessel. A sales manager told Insider the ship is reimagined as a "retirement home on the water." <a href="https://www.businessinsider.com/victoria-cruise-lines-majestic-residential-cruise-ship-8000-month-photos-2023-2">Float over for an inside look at the transformed boat.</a>10. Russia reportedly shot down several of its own planes. This pattern spooked many of its pilots, according to an FT report. Now, the country is running out of experienced pilots willing to fly. <a href="https://www.businessinsider.com/russia-shot-down-own-warplanes-pilots-didnt-want-fly-report-2023-2">More on the deadly situation here.</a>What we're watching today:<ul><li><a href="https://www.mwcbarcelona.com/agenda" target="_blank" rel="noopener">Mobile World Congress</a>, the largest mobile telecommunications event in the world, starts today in Barcelona, Spain. Featured speakers include the <a href="https://www.businessinsider.com/netflix-insiders-react-to-new-roles-greg-peters-bela-bajaria-2023-1">new Netflix co-CEO Greg Peters</a>, Nokia CEO Pekka Lundmark, and Ericsson CEO Börje Ekholm.</li><li>Quarterly earnings for Zoom and other companies. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here.</a></li></ul>Curated by Diamond Naga Siu in San Diego. (Feedback or tips? Email <a href="mailto:dsiu@insider.com" target="_blank" rel="noopener">dsiu@insider.com</a> or tweet <a href="http://www.twitter.com/diamondnagasiu" target="_blank" rel="noopener">@diamondnagasiu</a>) Edited by Matt Weinberger (tweet <a href="https://twitter.com/gamoid" target="_blank" rel="noopener">@gamoid</a>) in San Francisco and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Googlers are begrudgingly testing Bard and making memes out of their new task.

<ul class="summary-list"><li><keyword id="6354716" type="DEFINITION" weightage="60" keywordseo="Nokia">Nokia</keyword> beat analyst earnings estimates by €0.03 and revenue estimates by €60 million in the 4th quarter. </li><li>But the company's stock fell as much as 9% on a weak 2021 outlook from management.</li><li>"We expect 2021 to be challenging, a year of transition," said Pekka Lundmark, Nokia's CEO.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/nok-stock">Nokia</a> fell as much as 9% on Thursday after the company announced 2021 will be a "challenging" year and forecasted a revenue contraction.Nokia did manage to beat analysts' earnings estimates by €0.03 to reach non-GAAP earnings per share of €0.14 in the quarter, <a href="https://www.nokia.com/system/files/2021-02/nokia_results_2020_q4.pdf?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Cbutton%3Abody_link">according to regulatory filings</a>. And the company beat revenue estimates as well, hitting €6.57 billion in net sales for the quarter.However, the Finnish Telecommunications firm said its net sales will be affected by a decline in mobile-network revenue going forward as the company was unable to convert all of its 4G footprint to 5G during 2020."We expect 2021 to be challenging, a year of transition, with meaningful headwinds due to market share loss and price erosion in North America," Pekka Lundmark, Nokia's CEO, said.Read more: <a href="https://www.businessinsider.com/crypto-bitcoin-investing-strategy-voyager-dogecoin-cryptocurrency-interest-stephen-ehrlich-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Investors are flocking to trade Dogecoin and other hot digital tokens with no Robinhood-style restrictions on Voyager. The CEO tells us why Bitcoin will hit $100,000 this year - and 3 other cryptocurrencies to watch</a>Lundmark also noted he will be forced to sacrifice short term margins in 2021 to make "further 5G R&amp;D investments" and maintain market share.There were a few bright spots in the most recent quarterly earnings report, however. Free cash flow rose to €778 million in the quarter, and the company has significant cash reserves to continue its 5G buildout in 2021.Overall though, investors weren't pleased with the quarterly results from Nokia. Net sales grew just 1% on a constant currency basis, and operating profit fell 41% year-over-year to €475 million.The poor earnings performance comes after a wild few weeks for the company. Nokia was caught up in a <a href="https://www.businessinsider.com/gamestop-wallstreetbets-reddit-trader-mania-populist-movement-occupy-wall-street-2021-1">Reddit-fueled frenzy</a> on heavily-shorted <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword>, and for a while, shares were jumping.However, when brokerages began implementing restrictions on trading in the popular names because they were unable to <a href="https://www.businessinsider.com/robinhood-asked-billion-cover-trading-risks-tenev-elon-musk-clubhouse-2021-2">maintain financial requirements</a> from their clearinghouses, shares in the pumped-up stocks fell sharply.Read more: <a href="https://www.businessinsider.com/stock-market-in-new-liquidity-bubble-carson-block-gamified-trading-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">Famed short-seller Carson Block says a new type of liquidity bubble is feeding the wild swings in day-trading favorites like GameStop - and warns that stocks have become a fragile 'game.'</a> "It has nothing to do with our business. As a CEO, what can I say? The only thing I can do is focus on my business." Nokia's CEO Pekka Lundmark told Bloomberg when asked about the phenomenon. "It is strange. We are only watching on the sidelines."Despite a wild ride in January, shares of Nokia are up just 11% on the year so far.Still, analysts remain mostly bullish on Nokia's prospects going forward; the company boasts 12 "buy" ratings, 16 "neutral" ratings, and just two "sell" ratings.

Nokia sinks 9% on 'challenging' 2021 outlook despite 4th-quarter earnings beat

<a href="https://markets.businessinsider.com/stocks/nok-stock"></a><ul class="summary-list"><li><keyword id="6354716" type="DEFINITION" weightage="60" keywordseo="Nokia">Nokia</keyword> shares jumped as much as 15% on Thursday after a strong earnings report.</li><li>The Finnish telecommunications firm saw revenue of €5.08 billion and net profits of €373 million in the first quarter.</li><li>Revenue from Nokia's critical 5G network infrastructure business rose 28% in the quarter.</li></ul><a href="https://markets.businessinsider.com/stocks/nok-stock">Nokia</a> stock spiked as much as 15% on Thursday after growth in the company's 5G business helped drive a revenue and profit beat in the first quarter.Revenue climbed 3% to €5.08 billion in the quarter, topping analysts' expectations by €330 million.Net profit also came in €90 million ahead of analysts' expectations at €373 million.Diluted EPS moved to €0.05 in the quarter as well, compared to negative €0.02 in Q1 2020.Revenue from Nokia's all-important network infrastructure business rose 28% on a constant currency basis to €1.7 billion."We have delivered a robust start to the year with strong net sales, operating margin, and cash flow. Today's results demonstrate that we are on track to deliver on our three-phased plan to achieve sustainable, profitable growth and technology leadership as announced at our recent Capital <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword> Day," Pekka Lundmark, Nokia's President and CEO, wrote in a <a href="https://www.nokia.com/system/files/2021-04/nokia_results_2021_q1.pdf">press release</a>."I was particularly pleased by strong sales growth across our Network Infrastructure business group driven by increasing demand for next-generation connectivity," Lundmark added.Some analysts had predicted Nokia might struggle due to the global semiconductor shortage, but Lundmark said he was "proud" of his company's ability to deliver to customers in spite of supply constraints.Nokia guided for €20.6 billion to €21.8 billion in net sales for 2021 with a 7%-10% operating margin.The strong earnings performance came just a day after an <a href="https://www.nokia.com/about-us/news/releases/2021/04/28/nokia-ranked-as-number-one-in-5g-patents/">independent study from PA Consulting</a> confirmed Nokia's leadership in 5G Standard Essential Patents.Nokia shares traded up 10.40% as of 3:13 p.m. ET on Thursday.<div type="image" title="Nok chart 3" height="667" width="830" msid="82317045" hostid="261"></div>

Nokia spikes 15% after growth in its 5G business helps drive earnings past analysts' estimates

<ul class="summary-list"><li><keyword id="6354716" type="DEFINITION" weightage="60" keywordseo="Nokia">Nokia</keyword> shares climbed 11% on Tuesday following an update from the meme-stock favorite. </li><li>The Finnish telecom equipment maker said it's likely to raise its financial outlook for 2021. </li><li>Nokia, whose stock hit its highest price since late January, may increase its view on metrics including net sales. </li></ul><a href="https://markets.businessinsider.com/stocks/nok-stock">Nokia</a> shares on Tuesday soared to their highest price in more than five months after the Finnish telecom equipment maker -- considered part of the so-called group of <keyword id="10688429" type="UNKNOWN" weightage="60" keywordseo="meme-stocks">meme stocks</keyword> -- told investors it may lift its financial outlook for the year.The company said its business has continued to strengthen during the second quarter, brightening prospects for the rest of 2021. Net sales are among the metrics that may be revised later this month.NYSE-listed Nokia climbed 11% to $5.99 and volume of nearly 69 million shares traded during the session was well ahead of average daily volume of about 38 million shares. The stock hit its highest price since January 27 when it reached $9.79 during a rally in meme stocks.Nokia has been swept up in the meme-stock trading phenomenon spearheaded by retail investors who have also embraced <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> and <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a>. Traders active on Reddit's Wall Street Bets forum and other social media sites have been banding together to buy and hold onto stocks targeted by hedge funds betting on their decline.Nokia said it's making progress with its three-phased plan outlined in March to achieve sustainable and profitable growth. "Our first-half performance has shown evidence of this in good cost control and also benefited from strength in a number of our end <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. We continue to expect some headwinds in the second half as we have previously highlighted but our performance in the first half provides a good foundation for the full year," said Pekka Lundmark, Nokia's president and CEO, in a statement.An updated outlook from Nokia would be part of the company's July 29 release of second-quarter and half-year financial results.In April, the company reiterated its view of net sales of €20.6 billion ($24.4 billion) to €21.8 billion and a comparable operating margin of 7%-10%. It had also backed its view of positive free cash flow and a rate of 10%-15% return on invested capital.

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