Nokia Sees Higher Profits; Suspends Dividends (NOK)

Nokia Sees Higher Profits; Suspends Dividends (NOK)

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Communications company, Nokia Corporation(NOK) reported increased earnings for the quarter on Thursday, and has announced that they will terminate further dividend payouts.

The Espoo, Finland based company reported fourth quarter earnings of €202 million ($270 million) compared to a loss of €1.07 billion, or $1 billion during last years Q4. EPS was €0.05 for the quarter, approximately 7 cents in USD.

Nokia’s revenue declined by 20% to €8.04 billion ($10.07 billion).

Additionally, the company reported that they has suspended further dividends. The last dividend payment the company made was in May of 2012 for 25 cents.

Nokia will also begin a share repurchase plan in 2013, which will buy back $370 million shares.

Nokia shares were down 34 cents, or -7.33% during premarket trading Thursday. The stock has declined -17% in the past year.

Nokia Corporation(NOK) currently has suspended dividends on its stock. Dividend will no longer provide dividend data for the stock.

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