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5 Dividend Disappointments So Far in 2013

Exelon, Cliffs and others made significant cuts to their payouts

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Nokia

NokiaLogo e1287009011204 5 Dividend Disappointments So Far in 2013Dividend Change: Annual Dividend Suspended

In January, Finnish tech firm Nokia (NOK) announced that it would completely suspend its dividend for the first time since 1989, owing to a desire to save the 700 million euros, or roughly $1 billion, in cash for its attempted comeback.

That cutback comes alongside other measures of austerity, such as selling off assets, closing down research & development facilities, and cutting 20,000 jobs.

NOK shares are off more than 17% since that announcement, killing off an early-January rally and a whole lot more. And the company’s performance in the most recent quarter didn’t give investors much hope for a quick return to dividend payments.

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, http://investorplace.com/2013/06/5-companies-cutting-dividends-in-2013-nok-ctl-f-wfc-jpm-pbi/.

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