Nokia Slumps After Predicting More Gloom for Network Makers
- Stock has the biggest drop in five years on reduced outlook
- Nokia lowers view for 2017, sees further decline in 2018
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The wait for a recovery in the wireless-network equipment business just got longer with Nokia Oyj’s dire third-quarter results.
The Finnish manufacturer predicted a prolonged slump for the industry, sending its shares down as much as 18 percent -- the most since 2012, when it was still struggling with an ailing handset business that was later sold to Microsoft Corp. Now focusing on networks, Nokia faces a tough market as phone carriers are largely done with building their newest systems, and time isn’t ripe yet to start spending on the next-generation, so-called 5G technology.