Nokia results disappoint despite mobile growth

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 €9.52bn (£8.24bn), up 3 percent from a year ago, but short of analyst expectations of €9.8 billion. Earnings of €0.14 per share also fell short of expectations of €0.15 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.

For more on this story, see Nokia feels the smartphone heat on