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Nokia warned that this quarter's results will be less rosy than it hoped, as a result of lower than expected handset sales.

The company said today that it hadn't kept pace with the booming mobile phone market, blaming the lack of a successful mid-market offering.

Last year Nokia warned that the market was increasingly favoring cheaper models, and has adjusted its product mix accordingly. Although sales of Nokia handsets boomed, up 19 per cent, the market as a whole grew 25 per cent. As a result, earnings will be two per cent lower than previously forecast, at €6.6bn. By contrast, Nokia said its Networks division performed better than expected.

The full earnings will be disclosed in ten days. ®

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