Competition for the best contracts between tech companies is a common thing. There is always a winner and a loser. In this case, Finnish telecom firm Nokia confirmed that it had lost out to Samsung Electronics on a part of the contract to supply new 5G equipment to US company Verizon.
As a result, Samsung obtained a contract worth $6.64 billion. This allowed the South Korean behemoth to reinforce its positions in the market and to challenge the dominance of Nokia and its Nordic rival Ericsson.
Representatives of Nokia refused to comment on the company’s failure.
“We play a critical role in enabling Verizon’s 3G and 4G networks and continue to work with them to accelerate innovation in 5G,” a Nokia spokeswoman said. “They remain a top three global customer.”
This incident had an extremely negative impact on Nokia’s shares: they were down by 1.5%. However, economists expect a jump in the mid and long term.
