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11/06/2002
Nokia axes growth forecast
Nokia has cut sales forecasts by between 4-13% after the company announced that they expected the April to June quarter to be worse than predicted.
Nokia had originally forecast between 2-7% growth for the period, but the company radically revised forecasts for the period to a 2-6% decline on the same period last year. The revision of Nokia's forecasts is viewed as further evidence that the mobile handset sector has tailed off.
The company had optimistically predicted up to a 10% growth in handset sales, but this has been cut to 0-4% for the year.
While Nokia expects revenues to be in the region of 6.9 billion to 7.2 billion euro, shareholders were unimpressed a share prices dived over 4% on the forecast revisions.
In a sensitive sector Ericsson shares slumped in sympathy on the news shedding over 7%.
(SP)
Nokia had originally forecast between 2-7% growth for the period, but the company radically revised forecasts for the period to a 2-6% decline on the same period last year. The revision of Nokia's forecasts is viewed as further evidence that the mobile handset sector has tailed off.
The company had optimistically predicted up to a 10% growth in handset sales, but this has been cut to 0-4% for the year.
While Nokia expects revenues to be in the region of 6.9 billion to 7.2 billion euro, shareholders were unimpressed a share prices dived over 4% on the forecast revisions.
In a sensitive sector Ericsson shares slumped in sympathy on the news shedding over 7%.
(SP)
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NOKIA ANNOUNCES SLUMP IN PROFITS
MOBILE PHONE manufacturer Nokia has announced a 20 per cent slump in profits in line with a profit warning given in June. The Finnish company bettered forecasts by revealing second-quarter profits at the high end of estimates, but predicted that sales growth for the third quarter would be worse, with estimates settling at around 0-5 per cent.
NOKIA ANNOUNCES SLUMP IN PROFITS
MOBILE PHONE manufacturer Nokia has announced a 20 per cent slump in profits in line with a profit warning given in June. The Finnish company bettered forecasts by revealing second-quarter profits at the high end of estimates, but predicted that sales growth for the third quarter would be worse, with estimates settling at around 0-5 per cent.
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