Nokia has launched a share buyback program to return EUR 600 million ($655 million) of cash to shareholders in tranches over a two-year period.
The first phase of the scheme started on 20 March 2024. However, on July 19, 2024, the telecoms giant decided to accelerate the pace of repurchases, increasing the number of shares to be bought back within the year.
The accelerated buyback commenced on 22 July 2024 and is set to continue until 31 December 31, 2024, with a total purchase limit of €600 million for all purchases during the year.
The transactions carried out on 12 August 2024, totalled €5,543,577. Following these transactions, the company now holds 150,790,290 treasury shares.
The news comes as Nokia also recently announced its partnership with SK Telecom, Korea’s largest mobile carrier to launch AI-based fibre sensing technology this year.
