Nokia Takes A Hit As Samsung Secures Verizon 5G Deal

The loss for Nokia comes after its new Chief Executive Pekka Lundmark took the top job in August, but the source said negotiations were going on before he took charge.

A Nokia spokeswoman declined to comment on the loss.

“We play a critical role in enabling Verizon’s 3G and 4G networks and continue to work with them to accelerate innovation in 5G,” she said. “They remain a top three global customer.”

Major telecom firms such as Verizon uses several suppliers for building various parts of a network with radio contracts accounting for a big part of the spending.