Nokia feels the smartphone heat

The company has reported lower first-quarter earnings than expected even though mobile device growth is up 10 percent.

Nokia’s first quarter results disappointed across the board as the company cut its 2010 outlook, missed estimates and said it was facing tough competition at the high-end of its phone lineup.

Nokia reported revenue of 9.52 billion euros (US$12.63 billion), up 3 percent from a year ago, but short of analyst expectations of 9.8 billion euros. Earnings of 0.14 euro per share also fell short of expectations of 0.15 euro per share.

Meanwhile, the company’s outlook was short of expectations. Nokia still sees mobile device growth to be up 10 percent globally, but its market share will be flat. Operating margins of 9 percent to 12 percent in the second quarter will also miss targets.

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