Samsung Beats Nokia To $US6.6bn Contract
Samsung has triumphed in America with a $6.6 billion USD contract to supply 5G technology to telco giant Verizon.
Samsung beat Finnish rival Nokia for the deal, which will see it supply network equipment, installation, and maintenance for Verizon’s 5G network until at least the end of 2025.
“With this latest long-term strategic contract, we will continue to push the boundaries of 5G innovation to enhance mobile experiences for Verizon’s customers,” the manufacturer said in a statement.
The deal comes as Chinese manufacturer Huawei struggles to expand its market share following bans on its technology being used for networks in countries such as the US, UK, Australia, and Japan.
Samsung last year sat around sixth in the market for 5G network sales with three per cent, behind Huawei (28 per cent), Nokia (16 per cent), Ericsson (14 per cent), ZTE (10 per cent), and Cisco (seven per cent).