Nokia Oyj, the world�s biggest maker of mobile phones, cut its second-quarter and full-year forecasts, citing a lack of high-end devices and a weaker euro.
Second-quarter handset revenue and margins will be �at the lower end of or slightly below� the range forecast, the Espoo, Finland-based company said in a statement today.
Nokia has struggled to come out with a touchscreen model that meets user expectations raised by Apple Inc.�s iPhone. Nokia is losing high-end customers to the iPhone, Research in Motion Ltd.�s BlackBerry, and phones running Google Inc.�s Android software, while increasing sales of cheaper smartphones with smaller profits.
Nokia fell as much as 55 cents, or 7 percent, to 7.37 euros, the most in more than a month. It was trading down 6.6 percent at 7.40 euros as of 3:07 p.m. in Helsinki.
Sales in the devices and services division may fall below 6.7 billion euros as the company�s product mix shifted toward less-profitable midrange and low end phones, Nokia said.
The adjusted operating margin in handsets may fall below 9 percent in the second quarter and 11 percent for the year, it said. The company lowered its devices margins forecasts on April 22 to 9 to 12 percent for the quarter and 11 to 13 percent for the year.
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