Nokia shares fall on concerns over potential loss of Verizon business

📆 08/07/2020 16:45:00
📰 Reuters

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Shares in Nokia fell up to 8% in Wednesday trade on concerns that the Finnish company was losing the business of its key client Verizon in the United States.

FILE PHOTO: The logo of Nokia is seen before the company's news conference in Espoo, Finland March 2, 2020. Lehtikuva/Markku Ulander via REUTERS

Overnight, JP Morgan downgraded Nokia to “neutral” from “overweight”, citing a potential loss of business with Verizon. “Consider the JPM report on the Verizon-Nokia situation is based on some facts. So far, Verizon ran some tests with its vendor for its 5G RAN and I’ve heard that Samsung did better than Nokia,” said a Seoul-based analyst, who declined to be named.“Nokia is proud to serve Verizon, and we are committed to continuing to help them build the best, most reliable and highest performing network,” Nokia spokesman said.

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