Shares in Nokia fell up to 8% in Wednesday trade on concerns that the Finnish company was losing the business of its key client Verizon in the United States.
FILE PHOTO: The logo of Nokia is seen before the company's news conference in Espoo, Finland March 2, 2020. Lehtikuva/Markku Ulander via REUTERS
Overnight, JP Morgan downgraded Nokia to “neutral” from “overweight”, citing a potential loss of business with Verizon. “Consider the JPM report on the Verizon-Nokia situation is based on some facts. So far, Verizon ran some tests with its vendor for its 5G RAN and I’ve heard that Samsung did better than Nokia,” said a Seoul-based analyst, who declined to be named.“Nokia is proud to serve Verizon, and we are committed to continuing to help them build the best, most reliable and highest performing network,” Nokia spokesman said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nokia, Hurt by Costly 5G Chip Mistake, Struggles to Catch HuaweiIn the global race for 5G supremacy, Nokia bet big on the wrong computer chip. Now the Finnish giant is trying to make up market share lost to competitors, including China’s Huawei.
Read more »
Watch Princess Nokia Sing Queen, Marvin Gaye, and Lana Del Rey In a Game of Song AssociationPrincess Nokia Sings Queen, Marvin Gaye, and Lana Del Rey In a Game of Song Association
Read more »
AirAsia shares in biggest daily fall as auditor flags 'going concern' doubtsShares in Malaysia's AirAsia Group Bhd tumbled more than 17% on Wednesday in their biggest daily fall after the auditor cast doubt on the budget carrier's ability to continue as a going concern due to the coronavirus travel slump.
Read more »
Verizon CEO explains why the company paused advertising on FacebookVerizon CEO Hans Vestberg told CNBC he paused advertising with Facebook because content appearing adjacent to Verizon ads was negatively affecting the image of the Verizon brand.
Read more »
Dow falls 397 points as coronavirus concerns smother tech rally | Markets InsiderUS equities slumped on Tuesday, ending a five-session winning streak as soaring COVID-19 infections across the nation revived fears of a prolong...
Read more »
Report: Washington NFL franchise's three minority owners launching search to sell shares of teamThe three minority owners of Washington's NFL franchise are soliciting potential buyers for their shares of team, according to The Washington Post.
Read more »