Finland

 Nokia Loses Market Value of €6.6bn

 Nokia Loses Market Value of €6.6bn

Nokia shocked investors by saying that it has reduced its outlook for 2019–2020 and will forgo dividend payouts for the third and fourth quarters of 2019. Nokia posted an acceptable third-quarter result by announcing that it has downgraded its outlook for the year and decided to forgo dividend payouts for the third and fourth quarters.

The Finnish mobile network equipment maker said that it has slashed its full-year operating margin outlook from 9–12 to 8.5 per cent. The outlook for next year was similarly cut from 12–16 to 9.5 per cent. According to Bloomberg, this saw Nokia’s share price plummet by more than 21 per cent – to roughly €3.7 – and wipe €6.6 billion of its market value. The U.S.- based news agency also revealed that the decline was the steepest since it began gathering data in 1991.

Source: Uusi Suomi