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This is not the consumer smartphone business.

Nokia makes cellular network equipment. HMD Global designs and markets smartphones with the Nokia brand.

I wonder what would drive that market down. Cell network equipment is an infrastructure investment, right? It seems they are predicting a pretty long-term demand drop in that case…

In the USA T-Mobile acquired Sprint and their 2496–2690 MHz licenses. They claim to cover 260 million people with 2.5 GHz channel 5G, and project 300 million by end of year. 2023 CAPEX came in at 9-10 billion, a 30% year over year decrease. https://www.telecomtv.com/content/access-evolution/t-mobile-...

Telcos have not yet realized any new revenue streams or reached new markets with 5G so they're taking a pause to better monetize their existing 5G investment. https://www.wsj.com/business/telecom/how-5g-changed-world-75.... Does every car, refrigerator, and VR headset really need its own cellular radio?

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