Finnish telecoms gear maker Nokia’s India net sales declined 19% to 200 million euros in Q1 2022 as compared to 248 million euros in the same quarter a year ago.
The net sales in India declined in both mobile networks and network infrastructure, as service providers slowed investments in the anticipation of upcoming 5G tenders.
From a regional perspective, Nokia in its earnings report said, the company saw good growth in net sales in Europe along with growth in Latin America. The company saw a decline in sales in North America although it expects improving trends in the region in the year.
Nokia on Thursday reported a Q1 net sales growth of 1% year-on-year on a constant currency basis. Network Infrastructure grew 9% in constant currency, driven by strong demand in both Fixed and Submarine Networks while Cloud and Network Services also performed well growing 5% in constant currency with strength in Core Networks.
Nokia said its full-year 2022 outlook is unchanged in constant currency. Its net sales outlook for the year is between 22.9 billion euros to 24.1 billion euros.
Earlier in April, Nokia said it will stop business in Russia, consequently leading to a provision of 100 million euros, but the company has retained its full-year outlook.