Earlier this week, Nokia revealed its financial report regarding its operations in India. The company marked a sizeable growth in net sales, which is accredited to the growing adoption rate of 5G technology in the region.

Nokia records an impressive 327% Net Sales growth

For those unaware, the Finnish tech giant is a major player in the telecommunications industry and makes equipment for advanced 5G networking as well. Thus, thanks to the expansion of 5G deployment in the Southeast Asian country, it reported a massive 327 percent year on year net sales rise in the first quarter of this year. This brought its net sales to hit 853 million euros or roughly around 937 million US Dollars.

Nokia

This is considering over the mere 200 million Euros net sales during the same period last year. So its clear that the wider adoption rate by the two major telecos in India, Airtel and Reliance Jio, has helped its overall profits as well. Nokia further added that the sizeable growth in India also helped it offset the slowing demand in the North American market. Notably enough, Nokia isn’t he only one to see sales hike as Ericsson chief financial officer Carl Mellander said that “India is strong and a good example where our sales are up five times.”

Meanwhile, Pekka Lundmark, Nokia President and CEO, stated that “Mobile Networks net sales grew 13% as 5G deployments in India ramped up, more than offsetting a slowdown in North America spending As we expected, we are seeing greater seasonality between the first and second half of the year in terms of profitability for Mobile Networks”. The executive is expecting the company to stay on track to see another year of growth in 2023.

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