Chip shortage easing: Nokia

Finnish telecom equipment maker Nokia said it expects the global semiconductor shortage to ease later this year, as it reported quarterly operating profit that beat market expectations, boosted by solid demand for 5G gear.

The strong performancesent its shares up as much as 7 per cent.

A semiconductor shortage that began around the height of the pandemic in 2020 has affected a range of industries, including telecoms.

Nokia said it expects the pressure to ease through the second half of 2022 and the first half of next year.