Nokia profits fall as clients particularly in North America shun investments

HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia has reported a fall in second quarter profit as clients especially in North America postponed investments due to a slowdown in economic growth and rising financing costs. The Espoo, Finland-based company on Thursday reported net profit of 414 million euros ($464 million) for the April-June period, down 29% from 585 million euros a year earlier. Net income attributable to shareholders was 415 million euros, down from 582 million euros the previous year. Nokia’s sales were down 3% at 5.7 billion euros.