UPDATED. 2024-02-27 09:17 (화)
Nokia shares tank on lackluster Q3 performance 
Nokia shares tank on lackluster Q3 performance 
  • Jong Jun Lee
  • 승인 2020.11.02 21:57
  • 댓글 0
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Due partly from Samsung deal with Verizon
Image: Nokia
Image: Nokia

Finnish telecoms giant Nokia saw its shares on the New York Stock Exchanges plummet 17.28% on October 29 after its third quarters earnings announcement.

The company reported operating income of 350 million euros and sales of 5.294 billion euros for the quarter.

It was a drop of 7% in sales from a year ago.

Nokia CEO Pekka Lundmark said next year’s sales were to be challenging as it lost  share at one large North American customer.

Samsung recently clinched a $6.6 billion deal with Verizon deal, which is likely what the CEO is referring to.

Nokia sees some margin pressure in the North American market, Lundmark said.

Ericsson, meanwhile, seems to have maintained its share in the third quarter. 

It posted sales of 57.5 billion Swedish krona (SEK) and operating income of 9 billion krona for the quarter.

The company said it sale sales from Northeastern Asian increase 39% year-on-year. Most of the sales came from China, which is ramping up the roll out of 5G networks.

China accounted for over 60% of the worldwide 4G LTE market, Ericsson CEO Borie Ekholm said, and 5G won’t be much different.

Nokia has been near excluded from the Chinese market.

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