Nokia Abandons 2011 Profit Goal
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.”