Nokia stock falls on the stock market after lowering the outlook for the second quarter

Nokia, the Finnish mobile phone giant, issued a second-quarter earnings alert and postponed its year-end earnings estimates. The lower outlook on the devices&services business (the mobile phone division) is due to various factors, first and foremost the price dynamics in China and Europe, and is decidedly higher than expected. The initially forecast revenue range of 6,1-6,6 billion euros is therefore no longer a credible target.
According to the company, the operating margin in the equipment and services sector will break even in the second quarter against an initial estimate of between 6% and 9%. Furthermore, according to Nokia it is no longer appropriate to give annual targets for 2011 and the previously estimated third and fourth quarter targets are no longer valid.
Shares of the Finnish company are down more than 15% as of 16:20pm.