7/10/2012 9:54:16 AM
Nokia shares fall to 16-year low
Nokia’s shares reached a 16 year low yesterday, falling 4% to £1.19 for the first time since 1996 as concerns about the future of the handset manufacturer continue.
Nokia’s share price has fallen from £3.17 at the start of the year. Shares continued to fall today (10 July), trading at £1.16 this morning.
This latest fall follows news earlier this month of further job cuts and warnings of weaker profit as it continues to lose market share to rivals including Apple and Samsung.
Nokia’s new chairman Risto Siilasmaa said this month it has a contingency plan in place if the forthcoming Windows 8 OS fails to revive the company's fortunes.
Siilasmaa, who took the post last month, said the business would continue to make cuts until it turns its fortunes around.