Finland-based mobile phone maker Nokia Tuesday warned of lower than expected sales and margins in its key devices and services unit in the second quarter because it is selling fewer phones at lower prices than it expected.More after the break...
The company, which is the world’s biggest mobile handset maker, has been under severe pressure from rivals such as Apple Inc and Google Inc. whose phones and operating platforms have proved more popular than Nokia’s, especially in the lucrative smartphone market. But Tuesday’s profit warning suggested the company’s problems are not just limited to the smartphone market, as it warned that it was struggling to combat a shift in demand towards lower priced lower margin handsets in Europe and China, where it also suffered from poor management. Nokia said it is taking immediate action to address these issues, by increasing marketing at the point of sale and “continuing to invest to bring new innovative capabilities to its Symbian line up.”
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