Nokia Near Session Lows, Down Over 15%

Nokia Corporation

shares are down sharply today, down over 15% after the company cut its forecast. The company said that second quarter revenues from devices and services would be “substantially” less than its projected range of 6.1 billion euros ($8.8 billion) to 6.6 billion euros. The company also said that the unit's operating margin would be short of forecasts. In addition, the company said it is no longer going to provide full-year targets, as it is not appropriate. “Strategy transitions are difficult,” CEO Steven Elop said today. “We must accelerate the pace of our transition.” This is the lowest shares have been in 13 years, and the company is in danger of becoming irrelevant on the world scale if it can not innovate and get its products out in a timely manner. At last check, shares were off $1.25 to $6.95, a loss of 15% on nearly 100 million shares, more than four times the average daily volume.