HELSINKI (Reuters) – Mobile phone maker Nokia Oyj slashed its sales and profit outlook on Tuesday and scrapped forecasts for 2011 due to tumbling prices and intense competition, sending its shares crashing 15 percent.
Nokia, once the undisputed force in the mobile phone market, has seen its position challenged in recent years, particularly losing ground in the smartphone market to newcomers Apple Inc and Google Inc.
The company, which is still the number one handset maker by volume, has overhauled its phone business, adopting Microsoft Corp's software instead of its own Symbian platform.
via news.yahoo.com
