Finnish company Nokia has reported fourth-quarter earnings in the upper end of its outlook range, but investors seem to fear a drop in revenues following the massive rollout of 5G networks.

Down 0.7%, Nokia shares are among the biggest losers in the Euro STOXX 50 index as investors get used to a 5% drop in net sales year-over-year, mostly due to the decrease in network deployment.

Nokia’s sales decline came despite increased investment in 5G, but the telecommunications equipment maker said 5G growth was being offset by declines in traditional radio access products.

Nokia reported operating profit of 475 million euros for the three months ending late December. It had announced a profit of 803 million euros in the fourth quarter of 2019.

Going forward, the company will make further investments in 5G R&D in 2021, which means that it will sacrifice some short-term margin. In addition, its board of directors does not plan to propose a dividend for the 2020 financial year.

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