NOK Slips 10% On A Cut In Forecasts

Nokia Corporation (NYSE: NOK) dips roughly 10% after slashing its outlook for the Devices and Services units for the second quarter.

Mobile phone giant Nokia warned that its sales and margins for the second quarter and full year will be affected by high competition in the smartphones market, weakness in the euro and a shift to lower-margin purchases. The company now expects its net sales from the device and services units to hit or fall below the lower end of the previous forecast range of €6.7 billion to €7.2 billion.

NOK’s shares are down 9.88% to $8.85.

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