The share price of Finland-based mobile telephone
maker Nokia dropped as low as 17 percent Wednesday after it lowered
its first-quarter outlook for its devices and services division,
citing tougher competition.
The company said it estimated first quarter sales of 4.2 billion euros ($5.5 billion) for the business unit, almost 14 percent lower than analysts had estimated, the online edition of Swedish financial daily Dagens Industri reported.
Chief executive Stephen Elop said the results were "disappointing" and illustrated that the division "continues to be in the midst of transition."
A year ago, Nokia joined forces with Microsoft in developing platforms for mobile telephones, dropping its own Symbian system in favour of the Windows Phone system.
Nokia said it planned to increase its focus on speeding up sales of its Lumia smartphones and efforts to lower costs.
The company's first-quarter report was due April 19.
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