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Subscribe to our FREE weekly email newsletters for the latest telecom info in developing and emerging markets globally.
Four bits of news from around the world before the start of Labor Day weekend here in the US: … [visit site to read more]
Nokia shot down speculation from a Bloomberg report claiming that it is prepping its mobile unit for a US$10 billion sale for suitors including rival Samsung.
In a statement, the Finnish vendor said the it had “nothing to announce” in regards to the speculations and that “no related insider project exists”.
Nokia added that it is “committed to the success of its Mobile Networks business, a highly strategic asset for both Nokia and its customers.”
It claimed the unit had “made significant progress” in correcting its cost-bases, and winning new deals and customers.
“Nokia is focused on ensuring that Mobile Networks is positioned to serve its customers building the best performing networks, investing in its portfolio and creating value for Nokia’s shareholders,” Nokia said in its statement.
Mobile Networks contributes a significant portion to Nokia’s business. In Q2 2024, Mobile Networks contributed €1.97 billion in revenue a year-on-year plunge of 25%. Gross profit for the division dipped 3% from €877 million in 2023 to €851 million this year.
Nokia’s overall net revenues was €4.46 billion in the quarter an 18% year-on-year drop off. Nokia added in 2023 its financial results were spurred by spending from Indian operators that were ramping up 5G plans.
In the original Bloomberg report, sources speaking to publication claimed that Nokia had been speaking to advisors for options for its mobile networks which had for years struggled against rivals Ericsson and Huawei. Sources said Nokia is considering a partial sale, a tie-up with rivals or spinning it off.
The unit is valued roughly at $10 billion said the sources. Nokia’s total market value is around US$24.7 billion, after the news story broke and raised shares by 5.1% to €3.98, reported Bloomberg.
Nokia CEO Pekka Lundmark said in the vendor’s Q2 earnings statement that “In Mobile Networks the market dynamic remains challenging as operators continue to be cautious”. In August, Nokia announced a slew of deals in Argentina, Brazil, Eastern Europe, Ghana and Malaysia.
Keep up-to-date with all the latest news, articles, event and product updates posted on Developing Telecoms.
Subscribe to our FREE weekly email newsletters for the latest telecom info in developing and emerging markets globally.
Keep up-to-date with all the latest news, articles, event and product updates posted on Developing Telecoms.
Subscribe to our FREE weekly email newsletters for the latest telecom info in developing and emerging markets globally.
Four projects from local to global to catch up with: … [visit site to read more]
Keep up-to-date with all the latest news, articles, event and product updates posted on Developing Telecoms.
Subscribe to our FREE weekly email newsletters for the latest telecom info in developing and emerging markets globally.
One financial move and three bits of data center ecosystem development: … [visit site to read more]
Abu Dhabi-based Marlan Space, a new space company affiliated with International Holding Company (IHC), a global diversified conglomerate, also based in Abu Dhabi, has established a joint venture with US-headquartered space infrastructure company Loft Orbital to form Orbitworks, the Middle East’s first private space infrastructure company.
Orbitworks will be the first company in the UAE’s space sector to produce commercial low Earth orbit (LEO) satellite constellations. With an initial investment of over US$100 million, Orbitworks aims to produce up to fifty 500 kilogram satellites annually.
Loft Orbital, established in 2017, brings extensive expertise, technology, and a strong reputation to the venture, supporting a wide range of missions across telecommunications, earth observation, and scientific research. It says it has developed a standardised satellite platform that can be configured to fly any customer mission.
Orbitworks is set to begin construction of a state-of-the-art facility that will employ advanced hardware, software and industrial technologies for integration and test of satellites.
Orbitworks has secured components for ten satellites, the first of which could be launched as early as the first quarter of 2026. Orbitworks aims to partner with local component manufacturers and technology providers in the UAE, leveraging Loft’s solutions for seamless technology integration.
The first satellite platform is expected to be assembled, integrated, and tested by early 2025. Loft and Marlan have begun recruiting talent both internationally and within the UAE, focusing on hardware, software, test engineering and other aerospace engineering disciplines.
