Nokia (NYSE:NOK) news for Thursday concerning its earnings report and change for its business has NOK stock falling hard.
Let’s take a look at what news is hammering Nokia stock today.
- The company’s earnings report for the third quarter of 2020 wasn’t good for it.
- That includes its adjusted earnings per share of 5 euros.
- It’s also unchanged from the company’s adjusted EPS for the same period of the year prior.
- NOK revenue of 5.29 billion euros also couldn’t reach analysts’ estimates of 5.38 billion euros for the quarter.
- That represents a 7% decline from the company’s revenue of 5.69 billion euros in Q3 2019.
- It’s also expecting adjusted per-share earnings 20 cents to 26 cents for the full year of 2020.
- That has the midpoint matching Wall Street’s adjusted EPS estimate for the year.
- A Nokia news release also reveals plans to change how its business operates.
- This includes splitting its operations into four distinct divisions.
- They are Mobile Networks, IP and Fixed Networks, Cloud and Network Services, and Nokia Technologies.
- Nokia Technologies will see the least changes of these divisions as the company changes its business strategy.
- The company says that these changes will go into effect on Jan. 1, 2021.
- NOK says that it will be providing further details about its strategy change on Dec. 16 of this year.
NOK stock was down 19.5% as of Thursday morning and is down 16% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.