24 Apr '12, 7pm

Nokia downgraded to 'junk': via @ee_times

MOUNTAIN VIEW, Calif.--Another quarter of disastrous financial results for Nokia last week, with a quarterly loss of $1.7 billion, has led to the Finnish phone maker’s debt being downgraded to “negative” and even “junk” by major financial consultants. Both Moody’s and Standard & Poor's pushed Nokia down to “negative status” after the firm announced its revenue was down a significant 30 percent from the same period last year, with spending reaching $2.6 billion in the last six months alone. The Fitch ratings agency went a step further, downgrading Nokia to “junk” status, with a negative outlook for the firm’s future. Though Nokia CEO Stephen Elop said on the company’s earnings call last week that the firm had “implemented a series of strategic changes and embarked on a major transformation,” those changes don’t seem to have made enough of an impact on investors. The departu...

Full article: http://www.eetimes.com/electronics-news/4371627/Nokia-dow...

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