Manufacturer and investor FIH releases report on Nokia brand licensee HMD Global

Foxconn subsidiary FIH, the owner of about 15% of HMD bonds, has published its financial report for 2022.

HMD’s revenues have dropped, prompting FIH to cancel investments in more Nokia-branded smartphones and phones. FIH also asked HMD to divest some products such as headphones.

HMD’s fundraising in 2022 was unsuccessful. HMD’s Board has extended the Series A2 financing round and hopes to close the round in 2023.