23 Apr 2010

Nokia cuts profit outlook

6:28 am on 23 April 2010

Shares in Nokia fell sharply after the world's largest maker of mobile phones cut its profit outlook and delayed new product launches.

The company saw its shares fall almost 15% as it reported disappointing results for the first quarter of 2010.

Nokia has cut prices and delayed the launch of phones to compete with the iPhone and Blackberry. The Finnish company makes one in three of all phones sold.

First-quarter sales were 9.5 billion euros ($US12.6 billion), down 21% on the previous quarter.

Chief executive Olli-Pekka Kallasvuo said there would be no launches until products were right for the market.

Shares in Nokia were down more than 14% at 9.63 euros on the Helsinki stock exchange on Thursday afternoon.