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Nokia October warning investigated by local FSA - newspaper report

Published 18/01/2020, 11:56
Updated 18/01/2020, 11:57
© Reuters.  Nokia October warning investigated by local FSA - newspaper report

© Reuters. Nokia October warning investigated by local FSA - newspaper report

(Reuters) - Finland's Financial Supervisory Authority (FSA) has started an investigation into Nokia's sharp profit warning in October which sent its shares more than 20% lower, Finnish daily Helsingin Sanomat reported on Saturday.

The paper did not identify its source. Nokia (HE:NOKIA) and FSA were unavailable to comment outside business hours.

On Oct 24 Nokia slashed its 2019 and 2020 profit outlook and halted dividend pay-outs, saying the company would need to spend more to fend off rivals in the fast-growing 5G networks business.

The maximum penalty Nokia could face from FSA is 2.5 million euros ($2.77 million), the report said.

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