January 18, 2020 / 12:48 PM / a month ago

Nokia October warning investigated by local FSA: newspaper report

FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo

(Reuters) - Finland’s Financial Supervisory Authority (FSA) has started an investigation into Nokia’s sharp profit warning in October which sent its shares more than 20% lower, Finnish daily Helsingin Sanomat reported on Saturday.

The paper did not identify its source. Nokia and FSA were unavailable to comment outside business hours.

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

The maximum penalty Nokia could face from FSA is 2.5 million euros ($2.77 million), the report said.

($1 = 0.90 euros)

Reporting by Tarmo Virki in Tallinn; Editing by Angus MacSwan

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