Nokia profit misses expectations, share plummets
The world's top mobile phone maker Nokia reported a jump in first-quarter profit on Thursday, but fell short of market forecasts causing the company's shares to plunge more than 12 percent.
Nokia's January to March net profit rose to 349 million euros (465.6 million dollars) from just 122 million euros a year ago, when it was hit by the global economic downturn.
Analysts polled by Dow Jones had a median net profit forecast of 388 million euros for Nokia.
"We continue to face tough competition with respect to the high end of our mobile device portfolio, as well as challenging market conditions on the infrastructure side," Nokia chief executive Olli-Pekka Kallasvuo conceded in the earnings statement.
Copyright 2010 AFP Global Edition
