Nokia plunges to three-year low after losing major AT&T deal to rival Ericsson
Publishing timestamp: 2023-12-05 08:53:57
Summary
Nokia's shares plunged to a three-year low after losing a major contract with AT&T to rival Ericsson. Ericsson's shares rose after securing the deal, which could be worth around $14 billion over five years. The partnership covers the deployment of Open RAN in the U.S., and Nokia's loss of market share to Ericsson is a significant blow. Nokia remains committed to Open RAN but is facing financial troubles and expects a decrease in revenue from AT&T in the coming years.
Sentiment: POSITIVE
Tickers: ERIC.B-SE, NOKIA-FI, T,
Keywords: technology, nokia oyj, breaking news: technology, business, business news,