12 Apr 2012

Nokia down after losses forecast

8:33 am on 12 April 2012

Shares in Nokia plunged 17% after the mobile phone company surprised investors by saying it expected to make losses in the first half of 2012.

The Finnish company says competition in the industry had led to lower sales particularly in India, the Middle East, Africa and China.

Nokia previously expected to break even in the first quarter.

It says it will continue to increase its focus on accelerating sales of its Lumia smartphones and cutting costs