Nokia jumps 8% as it announces $653 million share buyback program, warns of challenging 2024
Publishing timestamp: 2024-01-25 08:49:04
Summary
Nokia plans to begin a 600 million euro share buyback after reporting a significant decline in profit for 2023. The company has been impacted by reduced spending by telecommunications operators and a slowdown in investments in India. Nokia's shares rose after the announcement, but the CEO warned that the challenging environment will continue into 2024. The company also lowered its operating margin target for 2026. Rival company Ericsson also reported a decline in sales and profit, signaling a challenging year ahead.
Sentiment: NEGATIVE
Tickers: T, NOKIA-FI, ERIC.B-SE,
Keywords: 5g, india, telefonaktiebolaget lm ericsson, at&t inc, united states, earnings, nokia oyj, business news, technology, mobile networks,
Source: https://www.cnbc.com/2024/01/25/nokia-earnings-report-q4-2023-company-to-start-share-buybacks.html