Nokia Posts Lower Profit, Warns of Drop
From Associated Press
Confirming that it missed expectations in its flagship mobile-phone unit, Nokia reported lower earnings and sales for the first quarter and lowered forecasts for the second quarter amid increased competition from U.S. and Asian rivals.
The forecast sent Nokia’s shares sharply lower. The company’s U.S. shares fell $1.44, or nearly 9%, to $14.61 on the NYSE.
Earnings declined 16% to $995 million, or 21 cents a share, in the January-March period compared with the same quarter a year ago. Revenue fell 3% to $8.1 billion.
Nokia said that second-quarter sales would mirror the first quarter but that earnings per share would fall.
