Stock Track | Nokia Plunges 5.02% in After-Hours as Profit-Taking Hits After 18% Rally Amid Communication Equipment Sector Weakness

Stock Track

06/04

Nokia Oyj (NOK) shares experienced a significant 24-hour plunge of 5.02% during Wednesday's after-hours trading session.

The sharp decline is attributed to notable profit-taking pressure. Nokia's stock had surged approximately 18% from a low on May 29 to an intraday high earlier on Wednesday, driven by multiple positive catalysts. The rapid accumulation of these short-term gains prompted investors to lock in profits during the extended trading session.

Furthermore, the broader communication equipment sector faced headwinds, which weighed on market sentiment. Several industry peers also traded lower, contributing to the downward pressure on Nokia's stock. The recent rally was fueled by a strategic equity investment from NVIDIA and strong first-quarter financial results highlighting growth in Nokia's AI and cloud business segments.

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