Nokia Misses Estimates

Nokia posts Q1 profit of 1.22 billion euros on 12.66 billion euros in revenues, trailing analyst estimate of 1.38 billion euros. The results outpace Nokia’s performance last year, but trailed the inflated expectations of the street. Nokia, the world’s largest handset maker, also forecasted that the market will shrink this year.

Nokia expects the mobile device market to decline in value in Euro terms in 2008, compared to 2007, [due to] the negative impact of the recently weakened U.S. dollar, the general economic slowdown in the U.S., and possibly going forward some economic slowdown in Europe.

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