Nokia's profit rises 25%, but misses expectations

Shares of Nokia Corp. fell as much as 11% Thursday after the world's largest maker of mobile phones reported a smaller-than-expected 25% increase in first-quarter profit and said the mobile-phone market will shrink in euro terms this year.

Nokia's net profit in the three months ended March 31 improved to 1.22 billion euros, or 0.32 euro a share, from 979 million euros, or 0.25 euro a share, earned in the year-ago quarter.

But the results missed consensus forecasts calling for profit of 1.38 billion euros, according to a survey of 29 analysts conducted by FactSet.

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- Posted: 2008-04-17 08:45:34

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