Mobile phone manufacturer Nokia has cut its sales growth forecast for 2002, citing weak demand.
It claimed that group sales will grow between four and nine per cent in 2002, rather than its earlier forecast of 15 per cent year-on-year growth.
Nokia's sales of handsets in the first quarter of 2002 totalled £4.3bn, compared to £4.9bn in the same period last year.
It also lowered expectations for quarter two, expecting sales to grow between two and seven per cent, not over 10 per cent as previously projected.
Slow market recovery and sluggish uptake of 3G services were identified as problem factors.
Nokia claims that changes in operators' strategies on 3G will result in less revenue from this area in 2002 than previously expected. In the UK, so-called 2.5G services such as GPRS are only slowly beginning to emerge.
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