The world's top mobile phone maker today Nokia reported a jump in first-quarter profit, but fell short of market forecasts causing the company's shares to plunge more than 12%.
Nokia's January to March net profit rose to €349m from just €122m a year ago, when it was hit by the global economic downturn. Analysts had expected a net profit of €388m. 'We continue to face tough competition with respect to the high end of our mobile device portfolio, as well as challenging market conditions on the infrastructure side,' Nokia chief executive Olli-Pekka Kallasvuo said.