Nokia trims estimate for handset sales

Nokia today said it now expects worldwide handset unit sales to total 420 million this year compared to its previous forecast of as many as 440 million. "They were a bit optimistic, especially for smart phones because they just don't sell that high," said Sarah Kim, an analyst of the Yankee Group, Boston.

"Many [handset makers] expected the numbers to be higher, especially for replacement rates, but we are still recovering in the consumers market which hasn't really picked up."

Nokia also reported overall dour financial results for the first quarter of 2002. Net sales decreased 12% to EUR 7 .0 billion ($6.3 billion) compared to EUR 8. 0 billion ($7.1 billion in the first quarter of 2001.

Pro forma earnings per share was EUR 0.19 a share compared to EUR 0.22 a share for the same period last year. Net profit was EUR 863 million compared to EUR 975 million in the first quarter of 2001.