Nokia (NYSE:NOK) stock is on the rise Thursday after the company’s board of directors announced a share repurchase plan.
This new share repurchase program covers up to 600 million euros of NOK stock. The company notes that this will occur over two years and in separate parts. This mirrors its previous share repurchase program that broke up the buyback into two 300 million euro tranches.
To go along with this, the board also proposed a 13 cents per share dividend for NOK stockholders. The record date for this is Jan. 30, 2024, and the payment date for the dividend is Feb. 8, 2024.
NOK Stock Jumps on Earnings
In addition to the buyback and dividend, Nokia announced results for its fourth quarter of 2023. Unfortunately, its revenue of 5.7 billion euros was down 23% year-over-year.
Nokia president and CEO Pekka Lundmark said the following about this:
“In 2023 we saw a meaningful shift in customer behavior impacting our industry driven by the macro-economic environment and high interest rates along with customer inventory digestion. This led to our full year net sales declining by 8% in constant currency.”
Investors will also keep in mind that Nokia expects these challenges in 2023 to continue into the current year.
NOK stock is up 8.5% as of Thursday morning.
Investors looking for all of the hottest stock market stories are in luck!
We have all of the latest stock market news traders need to know about on Thursday! Among that is what’s happening with shares of Rivian (NASDAQ:RIVN) stock, 1847 (NYSEMKT:EFSH) stock and Akoustis Technologies (NASDAQ:AKTS) stock today. You can catch up on these matters at the following links!
More Thursday Stock Market News
- Needham Just Slashed Its Price Target on Rivian (RIVN) Stock
- Why Is 1847 (EFSH) Stock Down 17% Today?
- Why Is Akoustis Technologies (AKTS) Stock Down 33% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
