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Nokia culls low-margin business ahead of CEO change

Finnish telecom network equipment maker Nokia reported an unexpected rise in its second-quarter underlying profit on lower revenues on Friday, as it reduced low-margin business before a new chief executive takes charge.

Cutting less profitable service business and not winning 5G radio deals in the cut-throat Chinese market helped the company upgrade its earnings outlook for 2020 as new Chief Executive Officer Pekka Lundmark takes over this weekend.

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