THE BAD NEWS: Nokia Corp. warned that heavy competition will hit first-quarter earnings, especially in developing markets, and that it expected no improvement in the second quarter.
WHAT’S TO BLAME: Nokia has been losing out to competitors in the lucrative top-end smartphone sector, which is dominated by Apple Inc.‘s iPhone and devices using Google Inc.‘s Android software. Nokia has also been squeezed in the low-end by Asian manufacturers making cheaper phones, such as China’s ZTE.
INVESTORS REACT: Nokia saw its share price plummet 15 percent on Wednesday.
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