Why Nokia OYJ Stock Tumbled 19% Lower Today
Shares of Nokia (NYSE: NOK) fell hard on Thursday morning, triggered by a mixed earnings report. As of 11:40 a.m. EDT, the Finnish telecom-infrastructure specialist's stock had taken a 19.5% haircut.
Nokia's adjusted third-quarter earnings landed at $0.11 per share and per American depositary receipt, up from $0.05 per share in the year-ago period and comfortably ahead of the Street's consensus estimate of $0.07 per share. But sales fell 7% year over year, stopping at $6.46 billion and falling short of analysts' $6.6 billion target.
Looking ahead, Nokia's management team contemplated a difficult global market for telecom-network upgrades and installations, resulting in a downbeat financial forecast. Among other issues, Nokia now expects its 2017 expenses related to the acquisition of Alcatel-Lucent to be about $2.2 billion, a 12% increase over the previous guidance. Adding salt to the wound, Nokia's management also expects these soft market conditions to continue through the first half of 2018.
Source: Fool.com
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