Perghh, brings back memories of this super resistant 3310 phone with a battery that lasts for weeks.'
The phone company from Finland, Nokia Oyj recorded a 3rd quarter (Q3) corporate earnings report that failed to beat market forecasts, further causing its shares to decline.
Looking at the company's report, its operating profit rose 3.9% from the same quarter last year at $643 million but fell short of market-set projections of $687 million.
As a result, the company's shares fell 5% when trading on the Helsinki stock exchange, Finland.
Also underlined, the postponement of patent and licensing agreements with headphone makers Vivo Communication Technology Co Ltd and Guangdong Oppo Mobile Telecommunications Corp Ltd has been the cause of declining profits.
Chief Executive Officer (CEO), Pekka Lundmark commented that the company does not regret the delay because they want the best results in ensuring the Nokia portfolio remains intact.
Despite this, the company's results are seen to be quite good with growth in demand for phone products and 5G network infrastructure from India.
In addition, the company's sales also increased by 6% at $6.1 billion compared to market projections of $5.9 billion.
As of this writing, Nokia shares are down 2.86% at $4.17 with a market capitalization of $23 billion.
