Finnish company lowers profit expectations, while Swedish firm expects flat or ‘slightly up’ margins
Shares in Nokia and Ericsson fell after the telecommunications equipment suppliers warned that profits and sales were being hit by a slowdown in spending as the cost of living crisis hit consumer spending.
Nokia moved to cut its annual sales forecast and lowered its expectations on profit margin this year citing the knock-on effect of high inflation and rising interest rates on consumer spending.
About Author
More Stories
NT police commissioner ousted amid jobs-for-mates scandal
Twelve soldiers remain in Lismore hospital after army trucks rolled in northern NSW
Impeached South Korean president released from prison ahead of insurrection trial