Nokia will not pay a dividend for the first time in more than a century as the struggling Finnish group looks to strengthen its cash position in spite of a better-than-expected end to its financial year.
The company returned to an underlying profit in the fourth quarter in its key handset business on the back of improved sales of its fledgling Windows smartphone platform, although it warned yesterday that the beginning of 2013 would be weaker after a better than expected Christmas.
Nokia shares, which have gained more than 16 per cent since a sales update earlier in January, dropped by 3 per cent to trade at €3.40.
The group pre-announced sales numbers earlier this month, in part because of surprisingly good results at Nokia Siemens Networks. – (Copyright The Financial Times Limited 2013)
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