Network equipment maker Nokia revised up its 2021 outlook on Thursday as it posted an almost four-fold increase in profits for the second quarter.

The Finnish telecoms giant announced a net profit of €344 million for April-June ($408), up from €94 million one year previously. A 4.3 per cent increase in turnover to €5.3 billion outstripped analysts’ expectations of €5.15 billion according to Factset.

“Considering our robust start to 2021, we are revising upwards our full year outlook,” CEO Pekka Lundmark said in a statement, adding “We have executed faster than planned on our strategy in the first half.”

Nokia’s expectations for 2021 comparable operating margin will increase to 10-12 per cent, up from 7-10 per cent, while full-year net sales will be adjusted upwards by almost a billion euros to €21.7-€22.7 billion.

Nokia’s expectations for 2021 full-year net sales will be adjusted upwards by almost a billion euros to €21.7-€22.7bn

Thursday’s results come one year after Lundmark took the helm promising to turn around the fortunes of the group which was flagging in the tough three-way race to dominate the 5G infrastructure market, against Sweden’s Ericsson and China’s Huawei.

Lundmark’s restructuring programme has involved streamlining Nokia’s structure and announcing the loss of up to 10,000 jobs worldwide within two years, up to 11 per cent of the workforce.