SHARES in mobile phone maker Nokia fell by as much as 16 per cent yesterday after the company warned that first quarter sales would be below expectations.
Other telecoms stocks also fell on the back of the announcement, which estimated net sales would be 6.6 billion euros (£4.3bn) - a fall of two per cent on the same period last year.
This compared with an expected rise in sales of between three and seven per cent, although profitability of phones continued to be excellent.
Mobile phone sales in Europe and Asia declined due to lower than expected volumes and a product mix weighted towards the lower end of the market.
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