Shares of Nokia Corp.
slipped 23% in early trading on Thursday after the Finnish telecommunications manufacturer lowered its guidance for this year and next year. Nokia said the cuts "were primarily due to margin pressure, additional 5G investments and additional investments in digitalization." The company also cited high costs related to first-generation 5G products, profitability challenges in China and price pressure in early 5G deals. Underlying earnings in the third quarter fell to 0.05 euros from 0.06 euros in the previous year. Net sales rose to EUR 5.686 billion (US $ 6.34 billion), against EUR 5.448 billion in the same period a year ago.