Nokia Corp.’s (NOK) stock hit a 13-year low today after the Finnish handset maker “substantially” cut its forecasts for devices and services in the current quarter.
The company said today that sales from devices and services will be “substantially” less than the low end of its projected range of $8.8 billion. The drop will also impact the company’s operating margin, pushing that below a forecast range as well.
Nokia’s stock is currently down almost 15% to $6.98 a share.
The company hit its most recent peak of $39.71 on the stock market in November 2007, five months after Apple Inc. (AAPL) introduced the iPhone. Since then it’s been an ongoing steady decline. Nokia shares hit a peak this year of $11.73 per share, but right after then it dropped considerably when the company announced plans to shift to Microsoft Corp.’s (MSFT) Windows Phone 7 operating system for smartphones.
Nokia stock hits 13-year low, forecasts cut 'substantially'
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