Nokia’s October 2019 profit warning was by the rules, says Fiva

In January this year, Nokia became the subject of an investigation by Finland’s Financial Supervisory Authority for the profit warning the company issued on October 24th 2020 in their Q3 2019 report. Nokia warned that the company has problems with silicon supply for their 5G gear and that no dividends will be paid out till company hits 2 billion euro net cash. Nokia’s stock price was down 23% that day.

While most of the logistical issues seem to be resolved by now, considering the good Q2 2020 report, Nokia still faced the issue of paying a fine as high as 2.5 billion euro if the Finnish authorities found that the company didn’t disclose information properly. Excellent news for the Finnish tech giant came this week, when Finland’s Financial Supervisory Authority (Fiva) decided that Nokia’s action didn’t break any financial rules and that the authority won’t pursue further measures.

via: Yle