Nokia is pinning back Q1 profit estimates to the low-end of previously-stated guidance. It now forecasts earning for the quarter ended March 31, 2003 of €0.15 and €0.17.

Handsets are doing well enough, operational efficiencies are coming along nicely, but sales at Nokia Networks are weaker than expected - maybe down 15-20 per cent year-on-year, the company says. It blames reduced spend by operators - in "all major regions".

Nokia now forecasts Q1 mobile phone sales will now be at the low end of previously-stated guidance of flat to nine per cent year-on-year growth. But it is maintaining strong profitability from the division and it reckons that it is growing market share. ®