Company to start share buybacks


Nokia new logo displayed on mobile, with Nokia logo on screen.

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Nokia on Thursday said that it will begin a two-year 600 million euro ($653 million) share buyback this quarter, after reporting that its profit plunged in 2023.

Nokia shares were 8.5% higher at around 1.48 p.m. London time on Thursday.

One of the world’s largest mobile network equipment makers, Nokia posted fourth-quarter net sales of 5.7 billion euros, a 23% year-on-year decline. Comparable operating profit fell 27% year-on-year to 846 million.

“In 2023 we saw a meaningful shift in customer behavior impacting our industry driven by the macro-economic environment and high interest rates along…

Source cnbc.com

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