Nokia launches $980 million bond offering

[October 23, 2012]  HELSINKI (AP) -- Nokia Corp. is planning to raise 750 million euros ($980 million) via an issue of bonds as part of an effort to build up its reserves ahead of next month's launch of phones running Microsoft's new Windows 8 software.

The launch is a hugely important event for the struggling cellphone maker, which has seen its stock plunge a further 5 percent to 2.04 euros by midday Tuesday in Helsinki.

Last week, Nokia posted a third-quarter net loss of 969 million  euros as sales dwindled 20 percent to 7.2 billion euros. Its net cash assets fell to 3.5 billion euros, from 5 billion euros a year earlier, as it continued to struggle against the dominance of Samsung, Apple's iPhone and other phone makers using Google's Android software.

[Associated Press]

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