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Why Is Nokia Stock Trading Lower Tuesday?

Published Dec 05, 2023 18:00 Updated Dec 05, 2023 19:10
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Benzinga - by Anusuya Lahiri, Benzinga Editor.

Nokia Corp (NYSE: NOK) stock is trading lower Tuesday as rival Ericsson (NASDAQ: ERIC) bagged the AT&T Inc (NYSE: T) deal.

AT&T chose Ericsson to lead the U.S. in commercial-scale open radio access network (Open RAN) deployment in a record deal for the latter.

Under the five-year deal, Ericsson will leverage its USA 5G Smart Factory in Lewisville, Texas, to manufacture 5G equipment for this contract.

Also Read: Nokia Takes Amazon To Court Across Three Continents Over Alleged Multimedia Patent Violations

AT&T will spend $14 billion and build a telecom network that uses only so-called ORAN technology, covering 70% of its wireless traffic in the U.S. by late 2026.

In October, Nokia reported a third-quarter FY23 net sales decline of 20% year-on-year (15% in constant currency) to €4.98 billion ($5.42 billion), missing the consensus of $6.20 billion.

EPS was €0.02, and comparable EPS was €0.05 ($0.05), missing the consensus of $0.09.

Nokia stock has lost 36% in stock value year-to-date.

Price Action: NOK shares traded lower by 4.43% at $3.02 on the last check Thursday.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Why Is Nokia Stock Trading Lower Tuesday?
 

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