Finnish telecoms equipment maker Nokia reported a reduction in its third-quarter losses of almost 57 percent on Thursday, as it launched a cost-savings programme in a bid to restore profitability.
The company announced a net loss of 79 million euros between July and September, compared to 183 million euros for the same period last year.
Nokia also released details of a 700 million euros cost-savings programme between now and the end of 2020, of which 500 million is expected to come from operating expenses.
The improved results, driven by a pickup in commercial 5G deployments in the US, saw Nokia reiterate its guidance to investors after a difficult start to the year.
“Nokia’s third-quarter results validate our earlier view that conditions would improve in the second half of 2018,” CEO Rajeev Suri said in a statement.
“This was particularly evident in our excellent momentum in orders, growth across all five of our Networks business groups, and improved…
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