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12/5/2023, 11:22 AM (Source: TeleTrader)
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Nokia sinks to 3-year low as AT&T ends deal

Helsinki-listed stocks of Nokia Corporation plummeted almost 8% during Tuesday's trading session, reaching a three-year low, after AT&T Inc. decided to cancel the contract for the 5G equipment production signed in 2021.

Namely, AT&T chose to partner with Sweden's Telefonaktiebolaget LM Ericsson to roll out Open Radio Access Network (ORAN) technology in order to cover 70% of its wireless network in the United States by the end of 2026. The five-year contract between AT&T and the Swedish company is valued at $14 billion.

Nokia's shares sank 7.81% at 11:21 am CET, selling for €2.764 apiece.

Baha Breaking News (BBN) / JJ