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Nokia revenues drop for 2016 but CEO is upbeat about diversification

The slowdown in the network infrastructure market continue to weigh on the major vendors (except Huawei), despite their intense efforts to diversify their businesses. Nokia reported a 10% decline in full year revenues for 2016, with a 12% dip in the Networks business. Overall, its challenges were less daunting than those highlighted in Ericsson’s recent results, and CEO Rajeev Suri offered an upbeat outlook for 2017, but there are still big hills for the Finnish firm to climb. Suri acknowledged that he was disappointed by Nokia’s top line results in 2016 but said market conditions were improving for the current year and he expected margins, in particular, to increase. Nokia expects its network revenues to fall by 2.2% this year,…

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