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Nokia sees profit at low end of view
No .1 cell phone firm also expects 1Q sales to fall 2%, below previous guidance for growth of 3-7%.
April 6, 2004: 9:38 AM EDT
HELSINKI, Finland (Reuters) - The world's largest mobile phone maker Nokia cut its first-quarter sales guidance Tuesday, saying earnings would be at the low end of expectations due to more sales of cheaper handsets.
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American depository shares of Nokia (NOK: Research, Estimates) fell $3.27, or more than 15 percent, to $17.88 in before-hours trading.
Nokia said in a statement it now expects January-March earnings per share of 0.17 versus previous guidance of 0.17-0.19 from January. Some analysts were expecting earnings of up to 0.21.
"Due to certain gaps in its product portfolio, mainly in the mid range, the company was not able to fully capitalize on positive market developments," Nokia said in a statement.
It said global mobile phone volumes grew by more than 25 percent in the first quarter while Nokia handset volumes rose by 19 percent.
Group sales by value fell two percent to 6.6 billion, or $8.13 billion, versus a previous forecast of three to seven percent growth.
[ This Message was edited by: masseur on 2004-04-06 17:06 ]
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Posted: 2004-04-06 17:56:58
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and why exactly is this good news
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Posted: 2004-04-06 17:58:18
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I think the term schadenfreude would be more applicable here.
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Posted: 2004-04-06 18:07:53
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yup it's kinda sad....
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Posted: 2004-04-06 18:09:47
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I wonder what masseur edited...
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Posted: 2004-04-06 18:15:54
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Is that not good news for SE or Ericsson ?
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Posted: 2004-04-06 18:21:11
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