Reuters Spinning Negatively - Nokia axes dividend to save cash
(Reuters) - Finnish mobile phone maker Nokia said it was to axe its annual dividend payment for the first time in over 20 years, aiming to shore up its finances amid a fall in sales.
Nokia, which earlier this month flagged a return to underlying profitability on cost cuts and stronger Lumia smartphone sales, said on Thursday it finished the year with net cash of 4.4 billion euros ($5.8 billion), down 22 percent from a year earlier.
Its quarterly operating profit was 6 euro cents per share, in line with expectations.
($1 = 0.7530 euro)
(Reporting by Helsinki Newsroom; Editing by Dan Lalor)