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Nokia plans to launch a two-year share buyback program worth $653 million, following a significant drop in profits in 2023. The company’s shares rose by 7% after the announcement. Nokia’s fourth-quarter net sales declined by 23% to 5.7 billion euros, while comparable operating profit fell by 27% to 846 million euros. CEO Pekka Lundmark stated that the challenging environment of 2023 will continue into 2024, with a forecasted operating profit of between 2.3 billion euros and 2.9 billion euros in 2024. The company has been impacted by reduced spending by telecom operators and the loss of a deal with US carrier AT&T to rival Ericsson.

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