Nokia stocks down following sales drop

<p>Nokia’s sales are down despite the strong performance of the Lumia.</p>

The share price of Nokia took a hit today (April 18th) after the mobile phone manufacturer confirmed its sales have fallen.

Despite strong performance for its flagship Lumia device, total sales of mobile phones fell 30 per cent to 1.59 billion euros (£1.36 billion).

The Lumia helped to prop up the company during the first quarter of the year, with sales of the handsets up by 27 per cent between January and March.

Shares in the firm dropped by as much as 13 per cent in trading in the wake of the news its sales have been falling in recent months.

Hakan Wranne, analyst at Swedbank, said: "The shortfall is in the cheaper mobile phone side, where both volumes and average selling prices came lower than expected."

It was suggested the market's profit estimates for 2014 could now be set to come down.

At 16:01 BST today, the share price of the mobile phone manufacturer was down 7.67 per cent on the start of the day's trading.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.