Nokia Oyj (NYSE:NOK) shares are trading lower by 4.12% to $4.65 Tuesday afternoon in sympathy with Ericsson ADR Class B (NASDAQ:ERIC), which fell after reporting first-quarter results.

Ericsson also announced CFO Carl Mellander will step down at the end of the first-quarter 2024.

So What Happened With Ericsson?

Ericsson continues to see a choppy environment during 2023 with poor visibility. Ericsson reported a first-quarter FY23 sales growth of 14% year-on-year to SEK 62.6 billion.

The company expects a gradual recovery in the second half of 2023, primarily as it expects the inventory adjustments to be over and cost reduction activities to start flowing through the P&L...Read More

According to data from Benzinga Pro, NOK has a 52-week high of $5.41 and a 52-week low of $4.08.