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Nokia Abandons 2011 Profit Goal

Tue, 05/31/2011 - 10:25am
New York Times

PARIS — Nokia, the cellphone giant battling to maintain its position in the face of competition from the iPhone and Android, said Tuesday that it was abandoning its 2011 profit targets after an unexpectedly poor second-quarter showing.

Shares in Nokia tumbled 17.5 percent, closing at €4.75 in Helsinki, after the company, which is based in Espoo, Finland, said “multiple factors are negatively impacting” sales, particularly lower selling prices and a reduced sales volume.

“The fact that things are getting worse is not a surprise,” said Stuart Jeffrey, an analyst at Nomura International in New York. “But the scale of the decline is surprising, coming just six weeks after they offered guidance.”

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