In the race for 5G dominance, Nokia has told investors that its acquisition of Alcatel-Lucent is the main reason it has yet to deploy its 5G infrastructure on time.
“We are late in 5G by a few weeks to a couple of months,” said Nokia chief executive Rajeev Suri, as reported by Reuters.
Nokia, the one-time market leader in mobile phones, faced a loss last quarter of €59 million (roughly $88.5 million CAD) for the first three months of 2019, mainly from its inability to ship its 5G equipment.
Suri attempted to soothe investors at its shareholder meeting by stating he is confident the company will reach its annual financial guidance, noting it has 37 5G commercial contracts for 5G technology.
Even as one of Nokia’s main rivals Huawei faces increased scrutiny around the world. The Finnish telecommunications company remains uncertain if this will give it an advantage, according to Suri.
“Perhaps there is a long term opportunity but more than that, it’s hard to say at this point,” said Suri.
Nokia and the Government of Canada recently announced a $40 million partnership that will help develop “cybersecurity tools to protect telecommunications networks and establish a new Nokia Bell Labs presence in Canada to conduct research to help telecommunications networks meet the needs of 5G technology.”
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