Nokia shares plunge after market share forecast cut
Nokia, the world's leading mobile phone maker, on Friday cut its third quarter market share guidance, sending its share price tumbling.
Nokia shares plummeted 9.9 percent to 14.15 euros (20.18 dollars) following the announcement.
"Nokia now expects its mobile device market share in the third quarter 2008 to be lower than in the second quarter 2008," the company said in a statement.
Previously, the mobile phone maker had forecast its market share to remain more or less on the same level, quarter-on-quarter.
Nokia said it had faced aggressive pricing by its competitors, while it had had problems ramping up production of its new mid-range cellular phones.
"We expect the product launches and start of shipments to be on track during the remainder of the third quarter and the fourth quarter 2008," it said.
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