Nokia Slumps to Lowest in 13 Years After Cutting Forecasts |
| Bloomberg - May 31, 2011 |
Nokia Oyj slumped to the lowest price in 13 years in Helsinki trading after cutting its forecasts for the devices and services unit on lower prices and competition from Google Inc. and Apple Inc.
Second-quarter sales at the devices and services division will be “substantially” less than its projected range of 6.1 billion euros ($8.8 billion) to 6.6 billion euros, Espoo, Finland-based Nokia said today. The unit’s operating margin will also fall short of a forecast range, the company said.
Nokia’s stock has lost about three-quarters of its value since Apple introduced the iPhone in 2007, raising consumer expectations for handsets that can surf the Web and show movies. Chief Executive Officer Stephen Elop turned to Microsoft Corp.’s Windows Phone 7 after determining that its own Symbian and MeeGo systems couldn’t keep up with the iPhone and Google’s Android, the fastest-growing smartphone platform.
Read Full Article from Bloomberg
- Posted: 2011-05-31 10:41:42
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