The former industrial conglomerate now turned communication technology company Nokia (NYSE:NOK) has suspended its dividend. While shares were down initially on the news as Nokia's earnings report was released, investors have to remember that shares popped earlier this month when we got a sneak peek at what would be in that earnings report. This pullback still leaves shares up for the month. In this video, Motley Fool tech and telecom analyst Eric Bleeker tells us why he supports Nokia's decision to suspend its dividend as it focuses on reinventing itself in the increasingly competitive smartphone landscape.

Austin Smith owns shares of Apple. Eric Bleeker, CFA, has no position in any stocks mentioned. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.