Nokia shares plunge 20% on lower earnings forecast

HELSINKI: Shares in Nokia tumbled 20 per cent on Thursday after the Finnish telecommunications equipment maker cut its earnings forecast in the face of intense competition to build the latest 5G mobile networks.

Nokia, in contrast,"is still struggling to get itself into a competitive position in the market. I would say overall the report and the outlook is a huge disappointment," Inderes analyst Mikael Rautanenhe told AFP. Operating or underlying earnings swung to a profit of €264 million from a year-earlier loss of 54 million euros.Looking ahead to the full year, Nokia said it now expects operating margin - underlying profits measured as a proportion of sales - to come out at around 8.0 per cent for 2019, instead of a previous forecast of 9.0-12.0 per cent.

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