Nokia Cuts Forecast on Handset Competition; Shares Drop
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Nokia Oyj reported an operating loss for its mobile-phone division and forecast earnings won’t recover this quarter as emerging market handsets sales slumped and margins on smartphones shrank.
Nokia fell 14.5 percent in Helsinki, wiping 2.1 billion euros ($2.8 billion) off its market value, after saying its devices and services unit probably had a first-quarter operating loss of about 3 percent of sales. The figure for the current period will be “similar to or below” the first quarter. Espoo, Finland-based Nokia plans to release detailed earnings April 19.