(Reuters) – Nokia fell sharply on the stock market on Monday morning amid rumors of a loss of contract with the American telecoms operator AT&T, which plans to remove the Finnish group from its list of suppliers.
On the Helsinki Stock Exchange, around 09:30 GMT, Nokia shares lost 3.79%, one of the biggest falls on the Stoxx 600 (-0.20%).
Atte Riikola, an analyst at Inderes, points to a post Friday on LinkedIn by Earl Lum, president of EJL Wireless Research, which indicates, citing unnamed sources, that AT&T could replace Nokia with Ericsson as a supplier of RAN network equipment without thread.
When asked, Nokia declined to comment, while AT&T and Ericsson did not immediately respond to Reuters’ requests.
“If the rumors are confirmed, it would be a big blow for Nokia, raising questions about the ability of its mobile network division to be competitive,” underlines Atte Riikola.
Nokia lost a contract in the United States with Verizon in 2020, which, according to Atte Riikola, was also preceded by market rumors.
(Reporting Boleslaw Lasocki; Claude Chendjou, editing by Kate Entringer)
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