Nokia's preliminary results and profit warning and Ericsson's lackluster earnings and less than inspired guidance were driving those stocks lower on Friday.
Shares of Nokia Oyj and Ericsson AB tumbled on Friday after the mobile device and network equipment rivals dropped a warning and some lackluster results on investors amid struggles with weak North American markets.
Nokia NOK NOKIA and Ericsson ERIC.A ERIC.B stock tumbled 9.4% and 8.8%, respectively, in in their respective Finnish and Swedish markets, as early trading in U.S.-listed shares tracked those steep drops. The Swedish company reported an 8% sales fall in its major networks, which included a 50% tumble in North America sales, offset partly by a strong India market.
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