Nokia dials down dividends

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Nokia dials down dividends

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Faced with falling sales, Nokia has said it will not pay an annual dividend to shareholders.

The Finnish handset maker is having to conserve its cash reserves as it lags rivals Samsung and Apple in the smartphone race.

Nokia finished the year with net cash of 4.4 billion euros, down 22 percent from a year earlier.

The company has flagged up a return to underlying profitability.

That follows cost cuts – including more than 20,000 layoffs – and stronger sales of its Lumia smartphone.