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Finnish state investor raps Nokia for poor communication on profit dive – Source Reuters Tech News

FILE PHOTO: HMD Global Product Officer Juho Sarvikas walks onto the stage during the presentation of the new Nokia 1 Plus during the Mobile World Congress in Barcelona, Spain February 24, 2019. REUTERS/Rafael Marchante -/File Photo

HELSINKI (Reuters) – The head of Finland’s state investment firm Solidium criticised Nokia for poor communication on Thursday and said he had sent management some “feisty feedback” after its sudden profit warning in October.

“We were very disappointed by the radical change in (Nokia’s) guidance and above all in their communications about it,” Solidium’s Chief Executive Antti Makinen told Reuters in a sharp rebuke to the company from its biggest shareholder.

On Oct. 24 Nokia slashed its 2019 and 2020 profit outlook and halted dividend payouts, saying the company would need to spend more to fend off rivals in the fast-growing 5G networks business.

Makinen criticized what he called Nokia’s passive approach towards its owners and investors,…

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Source Reuters Tech News

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