Nokia Has not yet Hit Bottom; Weak Outlook for 2018; Cutting FVE to $5.50
Nokia posted dismal third-quarter results with weaker-than-expected performance across the board due to growth in competitive pressure in wireless market in China, currency headwinds and overall soft services provider market. Nokia’s mobile broadband equipment swap program became costlier as the company underestimated the amount of engineering and deployment resources required, which translated into a total cost increase from EUR 900 million to EUR 1.4 billion and completion time well into 2019....
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