Nokia saw its profits rise 22% to 316 million euros ($376 million) in the second quarter despite quarterly revenues falling 11% to 5 billion euros.
The mobile network equipment maker, which posted financial results for the April to June period on Friday, said the coronavirus crisis has reduced net sales by about 500 million euros for the first half of the year. However, it expects most lost sales to move to future periods.
Rajeev Suri, president and chief executive of Nokia, said most of the company's revenue decline was "the result of Covid-19 as well as a sharp decline in China based on the prudent approach we have taken in that market." Incoming Chief Executive Pekka Lundmark is set to take over Nokia this weekend, and the company is in a better position than analysts anticipated.
The company upgraded its forecast for 2020 underlying earnings per share from 0.18 to 0.28 euros up to between 0.20 and 0.30 euros.
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