Nokia has announced that it will not release any financial targets for 2011 after figures for the second quarter fell well below its initial estimates.
The troubled handset manufacturer said that sales will come in far below expectations of €6.1bn to €6.6bn, after increasing competition in the Chinese and European markets and lower profits on devices.
Expected operating margins of six to nine per cent are set to fall to as low as zero, underlining the crisis facing Nokia as its market share declines.
Chief executive Stephen Elop said that Nokia is hindered by its change in approach, but that he is confident that the firm's new direction will see a change of fortune in the coming months as new Windows Phone devices hit the market.
"Strategy transitions are difficult. We recognise the need to deliver great mobile products, and therefore we must accelerate the pace of our transition," he said.
"Our teams are aligned, and we have increased confidence that we will ship our first Nokia product with Windows Phone in the fourth quarter of 2011."
Nokia's share price plunged 16 per cent on the news, falling to as low as £4.83 from a high of over £60 in 2000 at the height of Nokia's dominance.
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