Nokia, the telecoms network equipment maker, said today that it had hired hundreds of engineers in Finland this year to speed up research and development of 5G. In the telecommunications network equipment market, Nokia’s main competitors are Ericsson and Huawei. Last week, Nokia cut its profit forecasts for 2019 and 2020. Nokia said at the time that its profits would come under pressure over the past two years as the company invested more money in the fast-growing 5G network market to compete.
Tommi Uitto, head of Nokia’s networks division, said: “It is true that we have recently recruited 5G developers, not only in Oulu, but also in Tampere and Espoo. ”
In fact, Mr. Uto says, Nokia has stepped up its hiring pace since he took office a year ago.
On Thursday, Nokia reported disappointing third-quarter results and lowered its profit forecasts for 2019 and 2020. Nokia said at the time that it would increase spending in response to competitive pressures on 5G network services, which could limit future earnings.
Nokia now expects underlying earnings per share in fiscal 2019 to be between 0.18 and 0.24 euros, while underlying earnings per share for fiscal 2020 will be between 0.20 and 0.30 euros, both of which are lower than previously expected by 0.25 to 0.29 euros and 0.37 euros to 0.42 euros.