Wednesday, April 13, 2022

Nokia pulls most of its business from Russia

Finland-based telecommunications equipment giant Nokia has announced that it would cease most of its operations in Russia, in response to that country’s month-old invasion of Ukraine.

Nokia said in a statement that it would suspend equipment deliveries, accept no new orders and move “our limited R&D activities” out of the country, saying that “it has been clear for Nokia since the early days of the invasion of Ukraine that continuing our presence in Russia would not be possible.”

Russia accounted for less than 2% of the company’s net sales in 2021, according to Nokia, which added that the move will not affect the bottom line in a significant way, and that the company expects to hit all of its immediate earnings targets going forward.

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Thanks to Jon Gold (see source)

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