Global RAN slowdown writ large in Nokia’s Q2 results

As expected, Nokia has published a set of financials that highlight the extent to which operators have reined in their capex.
Sales in the second quarter reached €5.7 billion, flat compared to last year on a constant currency basis. Gross margin narrowed to 38.2% from 40.2%, and operating margin shrank to 8.3% from 9.6%. Operating profit fell 16% to €474 million.
While Nokia’s Mobile Networks unit reported modest sales growth of 5%, this was cancelled out by a 6% decline at the N