Tag: $Nokia

Shares of Finnish telecom firm Nokia tumbled on Thursday after the company reported a 32% drop in second-quarter operating profit on the back of weak demand for its 5G equipment.

Nokia said on Thursday that it will begin a 600 million euro ($653 million) share buyback this quarter, after it reported that its profit plunged in 2023.

Nokia plunged to a three-year low after losing out to rival Ericsson on a major contract with telecom juggernaut AT&T over the rollout of an open-radio access network (Open RAN) in the U.S.

Nokia said it would cut up to 14,000 jobs as part of a cost cutting plan following third quarter earnings that plunged.