Why Nokia Shares Fell 28% in October
Shares of Nokia (NYSE: NOK) fell 27.9% in October 2019, according to data from S&P Global Market Intelligence. The inveterate maker of telecom-grade networking equipment and provider of related services posted an in-line third-quarter report with disappointing guidance targets, and that's all she wrote.
The Finnish company saw revenue rise 4% year over year, measured in local currencies, to $6.31 billion. Adjusted earnings decreased from $0.06 to $0.05 per American depositary receipt. These results were roughly in line with Wall Street's consensus estimates, but Nokia also slashed its full-year earnings guidance by 22% due to rising costs of keeping the company's 5G solutions competitive.
Image source: Nokia.
Source Fool.com
