"Nokia's Bullish FY24 Outlook and Share Buyback Program Drive Stock Gains"
Nokia announces a $653 million share buyback program after reporting a significant decline in profit for 2023, causing its shares to jump 7%. The company warns of a challenging 2024 due to shifts in customer behavior, macro-economic environment, and high interest rates. Nokia's mobile networks division saw a 17% year-on-year sales decline in the fourth quarter, with India's slowing investment and AT&T's decision impacting its performance. The company also lowered its comparable operating margin target for 2026 from at least 14% to at least 13% in light of current market conditions.