Nokia Corporation [NYSE: NOK] disclosed Thursday that it has inked an agreement with United Group (UG). This deal will enable the firm to install a fiber network and in-home mesh Wi-Fi solution across eight different states it works in. This fiber network is also beneficial for UG as it will allow UG to expand new ultra-broadband and 10Gbps services to millions of residential and corporate clients across the region.
United Group disclosed that Nokia Corporation is the ideal fiber-access network equipment provider. The solution of Nokia will resolve the possible Wi-Fi problems in real-time to offer a credible, whole-home broadband connection essential for remote working, gaming, online TV, video streaming, and downloading content across multiple devices with a unique algorithm for intelligent Wi-Fi mesh networks.
Shares of Nokia Corporation headed lower and lost -0.06 during the trading session of Wednesday. Looking at its profitability, it has a return on assets, returns on investment, and return on equity of -6.50, -12.50, and -17.20, respectively. Its Gross Margin, Operating Margin, and Profit Margin is 37.50%, 4.00%, and -11.50, respectively. Nokia Corporation has a total market capitalization of $22.35 billion at the time of writing.
Nokia stated that the firm is honored to get the title of preferred fiber access network equipment supplier to United Group and to collaborate with them on this new phase of growth. On the other side, United Group disclosed that it is striving to make an investment in the most sophisticated technology in order to offer our users the world’s most innovative products and services and the best client experience.