New Delhi: Finnish tech company Nokia warned Thursday that its profits will be lower than expected due to tough competition and costs related to new-generation 5G networks, about which mobile operators are cautious amid global concerns about cybersecurity.
The company based in Espoo, Finland, reported a 14 per cent decline in third-quarter net profits to 267 million euros (USD 296 million), though sales were up 4 per cent at 5.7 billion euros.
The share price dropped 20 per cent to 3.79 euros in Helsinki as Nokia said it would stop dividend payments to boost investments into 5G. It pledged to resume them after its cash position improves.
