Nokia CEO Rajivi Suri said on Tuesday that the company would be able to take advantage of China’s elimination of Chinese rival Huawei because the race for 5G services was heating up.
Asked about regulatory issues facing Huawei, he told investors, “There may be long-term opportunities, but what’s more, it’s difficult to say at this time.”
Analysts believe that Nokia and its Swedish partners will take advantage of tensions between the US and Huawei, the largest cellular network technology provider.
Nokia reported a surprise quarterly loss last month after 5G telecommunications devices were not delivered on time.
Suri acknowledged that the company was rather slow in introducing and implementing 5G technology, citing the incorporation of its own technology plan with that of Alcatel-Lucent.
“We postpone 5G a few weeks to several months,” Suri said at the annual general meeting of Finnish companies.
Nokia announced that it had won another 5G contract since posting first-quarter revenue at the end of April.
“We do business and use some of the first 5G networks in the world,” Suri said.
“We now have 37 5G – 20 commercial contracts with customers like T-Mobile, AT & T, STC and Telia – and more than half include more choices of goods that our competitors cannot match,” he added. he.
Suri told investors that he remained confident that the company would meet its annual financial guidelines. In April, Nokia repeated its guidelines for 2019 for earnings per share of 25 to 29 euro cents and a non-IFRS operating margin of 9 to 12%.
Nokia shares rose 1.9 percent at the end of trading with Helsinki.