Nokia to Skip Dividend for First Time in 143 Years; Shares Drop

Nokia Oyj will skip a dividend for the first time in at least 143 years as the struggling Finnish mobile-phone maker retains cash for its comeback attempt.

The company announced the decision as it reported a seventh straight drop in quarterly revenue and U.S. phone sales trailing estimates, sending its stock lower. Even the World Wars and the breakup of the Soviet Union, a major buyer of Nokia’s networking gear, didn’t stop the former maker of rubber boots and toilet paper from returning cash to investors.