London (CNN Business) Nokia is struggling to keep pace with its rivals in the race to 5G.

The Finnish telecoms equipment maker on Thursday cut its profit outlook for this year and next, and scrapped dividend payments. It warned investors of slumping orders in China and intense competition for 5G sales.

The barrage of negative news sent shares in the company down over 20% in Helsinki.

Nokia NOK said in its earnings report that sales increased 5% during the first nine months of the year to €16.4 billion ($18.25 billion), but it failed to produce a profit for the period. The fight for 5G business, meanwhile, is only heating up.

"Competitive intensity has increased in some accounts as some competitors seek to share in the early stages of 5G," Nokia said in the earnings report.

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