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Nokia shares slide on falling smartphone sales

Nokia shares slide on falling smartphone sales

After re-drawing its predictions for quarterly and annual performance, Finnish mobile manufacturer Nokia has seen the value of its shares drop in the middle of the week.

Nokia cited various issues that had forced it to re-evaluate performance estimates, including growing competition in the mobile market and the faltering Euro as the key reasons for its current predicament.

The Finnish phone giant had predicted that it would take in at least £5.6 billion in the second quarter of 2010, but now it has said that this might be unattainable in the current climate.

It has also said that it expects its market share to decline in 2010 to lower than that of the previous year.

Worried Nokia shareholders will have to wait until the 22nd of July for a full report into its quarterly earnings is published, at which point Nokia will be able to give a more comprehensive prediction as to how it will have fared by the year's end.

On Wednesday the cost of Nokia shares dropped by 10.3 per cent, which was the equivalent of a fall of nearly £0.69.

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