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Profit alert sends Nokia shares to 13-year low

By Daily Mail Reporter
Updated: 05:11 EDT, 1 June 2011

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Nokia has underlined its fall from grace with a dire profits alert that sent shares in the mobile phone firm to a 13-year low.

Rival onslaught: Apple generates more revenue from handsets than Nokia just four years after entering the market

Boss Stephen Elop, who recently likened the company's predicament to an oil worker on a 'burning platform', warned that profits in the second quarter would 'substantially' undershoot forecasts after the Finnish group lost yet more market share.

Once the doyenne of handsets, Nokia's fortunes have plummeted in recent years in the wake of an onslaught from American technology behemoths Apple and Google.

The Finnish group admitted that its performance had been particularly disappointing in Europe and China, where mobile phones using Google's Android smartphone system has made 'significant' advances.

To stem the tide, Nokia had been forced to cut its prices, which has clobbered profit margins.

Since taking the helm in the Autumn, Elop has embarked on a series of drastic measures to revive Nokia, including signing up to a far-reaching alliance with his former employer, Microsoft.

He has ditched the firm's Symbian operating system - designed by UK tech group Psion - and will instead use Microsoft's Windows software in future smartphones.

The move was seen as a last throw of the dice, but Elop yesterday reiterated his confidence in the tie-up restoring the standing of both companies in the mobile phone industry.

Mobile operators and application developers are anxious for the Windows-driven Nokia phones to succeed amid fears that Apple and Google could establish an unbreakable grip on the market.

Less than four years after turning its sights on the mobile industry with its ground-breaking iPhone, Apple now generates more revenue from handsets than Nokia.

But Google is also building a formidable presence in the smartphone arena with its Android finding favour with Asian handset manufacturers.

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