Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Nokia shares fall on concerns over potential loss of Verizon business

share with twitter share with LinkedIn share with facebook
07/08/2020 | 05:45am EDT
The logo of Nokia is seen before the company's news conference in Espoo

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.

Nokia, battling with China's Huawei and Sweden's Ericsson, is trying to strengthen its 5G slate and looking especially to deployment by U.S. telecom companies for growth.

Overnight, JP Morgan downgraded Nokia to "neutral" from "overweight", citing a potential loss of business with Verizon.

"We believe that there is a real risk Verizon will depend less on Nokia as their primary RAN (radio access network) supplier going forward," JPM said in a note, adding there were signs Verizon was using Samsung.

"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 said it continued to work with Verizon in 5G.

"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.

Nokia, which axed its dividend after a profit warning last October, has been trying to rein in costs and address delays in shipments as it attempts to keep up with rivals in 5G.

Shares in Nokia were 7.4% lower at 3.71 euros in midday trading.

Samsung said it does not comment on speculation.

(Reporting by Supantha Mukherjee in Bengaluru, Heekyong Yang in Seoul and Tarmo Virki in Tallinn, editing by Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
ERICSSON AB 1.14% 101.95 Delayed Quote.23.59%
NOKIA OYJ 3.97% 4.2205 Delayed Quote.23.18%
SAMSUNG ELECTRONICS CO., LTD. -1.86% 57900 End-of-day quote.3.76%
VERIZON COMMUNICATIONS 0.31% 57.48 Delayed Quote.-6.38%
share with twitter share with LinkedIn share with facebook
Latest news "Companies"
08:51aCANTEL MEDICAL CORP : Change in Directors or Principal Officers (form 8-K)
08:51aPCTEL : Expands Its Presence in Europe, Middle East and Africa
08:51aGRAHAM : 13-Year-Old Guinness World Record Holder from Louisiana Wins First Kaplan Online Spelling Bee
08:50aVARIAN MEDICAL SYSTEMS INC : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
08:50aHEMP, Inc. Discusses its 2020 Retail and Wholesale Potential with The Stock Day Podcast
08:50aPAOG Outlines Strategic Next Steps and Corporate Housecleaning Agenda
08:50aTEAMVIEWER AG : Preliminary announcement of the publication of financial reports according to Articles 114, 115, 117 of the WpHG [the German Securities Act]
08:48aMEDALLION FINANCIAL CORP : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
08:48aCRH MEDICAL CORP : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
08:48aSAPIENS INTERNATIONAL N : Partners with AssureSign to Incorporate Electronic Signature Technology into its Workers' Compensation Platform
Latest news "Companies"