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According to a report on Bloomberg.com, Nokia shares have suffered their worst quarter result in almost four years.
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Overall Nokia stock also dropped 24 per cent this year, and sales growth at Nokia has also been affected by the weak dollar, which lost 15 per cent against the euro in the past year. About half of Nokia’s revenue is in dollars or in currencies closely tracking it.
Although the company had a 26 per cent increase in unit shipments last year and revenue was also up 30 per cent in the first quarter, the average price for a Nokia handset has fallen by at least 10 per cent in the same period, particularly in mature markets like Europe and the US.
One bright note for investors seems to be the venture with Siemens AG, which started last year, and whose aim is to save 2 billion euros annually by the end of 2008 by cutting about 15 per cent of the joint ventures workforce.
