On August 24, Nokia Oyj fell 3.33% in regular trading, trading at $9.865/share, with turnover of $87.35 million.

On the news front, reports continued to circulate that Nokia plans to close nearly all of its office locations in mainland China by year-end. The company is shutting down its Hangzhou R&D center with approximately 1,600 job cuts, while offices in Beijing, Chengdu, Qingdao, and Shanghai are set to be progressively closed, retaining only after-sales service functions. This effectively signals a near-complete withdrawal from core business operations in China.

The broader Communication Equipment sector saw significant weakness, amplifying downside pressure. Within the sector, Lumentum fell 7.48%, Applied Optoelectronics dropped 16.73%, Ciena declined 7.17%, Cisco lost 1.0%, and Arista Networks slipped 0.31%. Nokia had previously disclosed that its China revenue declined from nearly 2.2 billion euros in 2018 to 913 million euros last year, with the region now representing just 4.6% of global revenue.

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