First-quarter comparable operating profit fell to 479 million euros ($524.94 million) from 583 million last year, missing the 532.4 million euro mean forecast of analysts polled by Refinitiv.
Comparable gross margin fell to 37.7% from 40.7%.
\"Looking forward, we are starting to see some signs of the economic environment impacting customer spending,\" Chief Executive Pekka Lundmark said in a statement.
Apart from getting big contracts from telecom operators<\/a> for launch of 5G, Nokia has also managed to diversify its base to industrial customers who set up their own private 5G networks<\/a> at power plants, utilities and mines among others.
Net sales grew 10% in the quarter to 5.86 billion euros, beating estimates of 5.72 billion euros.
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