Why Nokia Stock Dropped on Thursday
Shares of (NYSE: NOK) were down 7% as of 10:39 a.m. ET on Thursday after the company reported disappointing operating results for the third quarter. The company said it is moving quickly to lower costs after sales fell 15% over the year-ago quarter on a constant currency basis.
Macroeconomic pressures impacted sales mostly in Nokia's network infrastructure and mobile networks businesses. Cloud and network services posted a 2% year-over-year increase in net sales, but the segment still performed below management's expectations.
Nokia is targeting a long-term operating margin of at least 14% by 2026. Improving profitability is the first order of business for management right now. On that note, operating margin in the cloud and network services business was the bright spot, up 2.9 percentage points in the quarter.
Source Fool.com
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