Nokia Sales Hit 13-Year Low as Phone Demand Falls Short
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Nokia Oyj, the Finnish mobile-phone maker seeking a comeback, reported its smallest quarterly revenue in 13 years as handset demand waned, missing analysts’ estimates and sending its stock down 8.3 percent.
First-quarter sales fell 20 percent to 5.85 billion euros ($7.6 billion), Espoo, Finland-based Nokia said today. Analysts projected 6.52 billion euros, the average of estimates compiled by Bloomberg. Mobile-phone volumes slumped 25 percent.