The telecom equipment giant Nokia Corporation NOK is the latest one to join the slew of companies pulling out of the Russian market amid the country's invasion of Ukraine.
The company in a press statement said it is expecting no financial impact from the decision as Russia accounted for less than 2% of its net sales in 2021.
“It has been clear for Nokia since the early days of the invasion of Ukraine that continuing our presence in Russia would not be possible. Over the last weeks we have suspended deliveries, stopped new business and are moving our limited R&D activities out of Russia,” it said.
The company further added that considering the strong demand that it has seen in other regions, it does not expect this decision to impact Nokia’s ability to achieve the 2022 outlook.
Intel Corp. announced last week it was suspending operations in Russia. Apple Inc. AAPL and Ford Motor Co. F are also among a host of companies taking varying actions in response to the Ukraine invasion.
Price Action: According to data from Benzinga Pro, Nokia shares ended 1.49% lower on Monday at $5.29.
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