FINNISH PHONE FIRM Nokia's share price has fallen five per cent to below $2, its lowest price since 1996.
On Friday the company's common stock ended trading at $1.92, a price last seen for the firm's shares on 4 April, 1996
The nosedive comes for no obvious reason, as Nokia hasn't made any major changes overnight and is yet to announce its quarterly financials. However, it is obvious that the firm is struggling to compete against Apple and Samsung.
The decline could be linked to the fact that Nokia is struggling to shift its Lumia smartphones, since they won't be upgraded to Windows Phone 8.
Still, we can't help but think that such an unexpected tumble could mean that a buyout might soon be on the cards. Rumours suggest that both Microsoft and Samsung could be potential buyers of the company as they both look to expand their patent portfolios.
Nokia's next earnings call will be held on 19 July, and if the overnight dip in its share price is anything to go by, the Finnish phone maker won't be announcing a bounce back to profitability.
Nokia was unavailable to comment at the time of publication. µ
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