Nokia Stock Falls After Q3 Performance, Cost Cut Initiative - Here's Why
Portfolio Pulse from Anusuya Lahiri
Nokia Corp (NYSE:NOK) reported a 20% YoY decline in Q3 FY23 net sales to $5.42 billion, missing the consensus of $6.20 billion. The company also reported a decrease in net profit and sales across various sectors. Nokia aims to achieve $1.2 billion in cost savings by 2026, reducing its headcount from 86,000 to 72,000-77,000. Following the announcement, NOK shares fell by 5.01%.
October 19, 2023 | 12:27 pm
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Nokia's Q3 FY23 results missed expectations, leading to a 5.01% drop in share price. The company's cost-cutting initiative may lead to further short-term volatility.
Nokia's lower than expected Q3 FY23 results and cost-cutting plans have negatively impacted investor sentiment, leading to a drop in share price. The company's cost-cutting initiative, which includes a significant reduction in headcount, may lead to further short-term volatility as investors assess the potential impact on future earnings.
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IMPORTANCE 80
RELEVANCE 100