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Nokia’s US shares rise after T-Mobile says no plans to stop partnership
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(Reuters) – U.S.-listed shares of Nokia jumped around 5% in extended trading on Tuesday after T-Mobile said it has no plans to stop working with the
(Reuters) – U.S.-listed shares of Nokia jumped around 5% in extended trading on Tuesday after T-Mobile said it has no plans to stop working with the Finnish company in a response to an analyst report claiming such a possibility.
Nokia shares closed down around 7% after Earl Lum of EJL Wireless Research said in a LinkedIn post there is a chance that Nokia could be dropped by T-Mobile in favor of Swedish firm Ericsson.
“We have made no decision to end our working relationship with Nokia, and any reports in the media implying this are untrue,” T-Mobile said in a statement.
Lum pointed in the post to Nokia’s inability to deliver on T-Mobile’s networking needs and the superiority of Ericsson’s products.
“T-Mobile works with both Nokia and Ericsson on our RAN, who have helped us over the years build the largest and fastest 5G network in the nation,” T-Mobile said.
Last year, telecom rival AT&T chose Ericsson to build a telecom network, which will cover 70% of its wireless traffic in the U.S. by late 2026, eroding the presence of Nokia in the North American market.
(Reporting by Zaheer Kachwala in Bengaluru)
A partnership is a business arrangement where two or more individuals or entities collaborate to manage and operate a business, sharing profits, losses, and responsibilities.
Telecommunications refers to the transmission of information over distances for communication, utilizing technologies such as telephones, internet, and satellite systems.
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Investment is the act of allocating resources, usually money, in order to generate income or profit, often involving the purchase of assets or securities.
Technology in finance, often referred to as fintech, encompasses innovative solutions that improve and automate the delivery of financial services.
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