Nokia (NOK) wins first $240M 5G China contract, Ericsson (ERIC) market share reduced

Nokia (NOK) has announced that it has won its first 5G radio contract in China amid the Ericsson and China political sputter. As a result, Ericsson is losing ground quickly while business is moving to Nokia and other 5G technology companies.

In addition, Chinese companies took the lion’s share of the order. Huawei took a majority share in all three contracts, followed by ZTE, according to a document published by China Mobile.

Since China has starting deploying 5G telecom technological infrastructure, it allowed Nokia to take a 10% stake in one of the three contracts while Ericsson got a 9.6% stake of another contract.

The total tender is for about $6 billion divided between the three contracts with Nokia taking 4% ($240,000,000) of the overall tender, says one source. Nokia will provide more information on the tender results in their upcoming earnings call on July 29.