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2019-11-20 19:16:59

FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo

HELSINKI (Reuters) - The head of Nokia’s software business Bhaskar Gorti defended the Finnish mobile network maker on Wednesday against market fears that it is lagging behind its peers Ericsson and Huawei [HWT.UL] in 5G development.

“I don’t think we have a 5G problem,” Gorti told Reuters in an interview, calling its development a marathon where a lot of focus had been put on the first ten minutes of the race.

Last month Nokia slashed its profit outlook for 2019 and 2020, saying it needed to spend more to fend off its rivals.

That was in sharp contrast to Sweden’s Ericsson, which had lifted its market forecast for this year and its sales target for 2020 just a week earlier.

“We are in different phases and different leadership positions in different parts of that cycle,” Gorti said.

Reporting by Anne Kauranen; Editing by Jan Harvey

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