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Nokia Announces Sharp Downturn

Mobile phone giant Nokia has announced a sharp downturn in first quarter results compared to the same period last year. The company announced a loss of 12 million euros compared a profit of 1.6 billion euros a year ago. Company turnover in the first quarter dropped to 9.3 billion euros compared to 12.7 billion euros a year ago. Nokia expects a 10% decline in mobile phone sales this year. Company turbover was down by 27%. Nokia CEO Olli-Pekka Kallasvuo said the downturn in mobile phone sales was primarily due to extensive destocking by operators and distributors. The company expects its share of the mobile phone market to increase in the second quarter

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