Nokia cuts profit forecast, faces 2.5 million euro fine-EEWORLD

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The Finnish Financial Supervisory Authority (FSA) began investigating Nokia in October last year, causing its share price to fall by more than 20%, as Nokia drastically lowered its profit forecast for 2019 and 2020. Nokia could be fined up to 2.5 million euros ($2.77 million) by the FSA.

Previously, Nokia said it was preparing to lay off about 180 employees in Finland this year, while also investing more in 5G and digital technologies. In a statement, Nokia reiterated its third-quarter statement to reduce its cost savings target to 500 million euros ($557 million) by the end of 2020.

"We previously said we would target 700 million euros in cost savings, which we have reduced to 500 million euros, mainly because we are investing more in 5G and digitalization," Tommi Uitto, head of Nokia's mobile networks, said in a statement.

It is reported that Nokia Corporation is a multinational company headquartered in Espoo, Finland, mainly engaged in the production of mobile communication equipment and related services. Nokia was founded in 1865, with logging and papermaking as its main businesses, and gradually expanded into rubber shoes, tires, cables and other fields. Later, it developed into a mobile phone manufacturer, focusing on basic communication business and advanced technology research and development and licensing.

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