Nokia losses increased in 2017

The HMD global has said on Thursday that the company’s net loss in 2017 increased, however, underlying profits increased. This will enable the Finnish mobile and Telecom Company to forecast higher profits for the forthcoming years as the company plans to roll out the new 5G technology. Nokia says it was huge tax loss for the company $1.8 billion last year which was almost double as compared to the loss of 751 million incurred in 2016.

The revenues were also declined by 2% to 23.1 billion euros. But at an underlying level Nokia regained, the operating profit was 16 million euros, compared with the loss of 1.1 billion euros in the past year.

Investors were confident about the company and Nokia shares jumped 2.7 percent by the start of trade on Helsinki stock exchange, Nokia shares outperformed the overall market. According to CEO Rajeev Suri, “Nokia has successfully ended 2017 with the strong performance in the last quarter and will continue to make its position stronger in 2018.”

It is worth mentioning that Nokia is ready to unveil some of its new Nokia smartphones in the MWC 2018 event by the end of this month. The company is also planning to launch Future X network to deliver 5G technology, providing the company more opportunities and potential growth for the years coming ahead.