Nokia may warn of weaker-than-expected Q2 profits, according to analysts at the Macquarie Group. In a research note Macquarie analysts said Nokia’s warning could come within the next week. The note said Nokia is being hit by ‘stale’ products, a weak Euro and falling sales in Europe.
‘With no visibility on the N8, continued heavy competition in handsets and softening demand, we would remain on the sidelines even at these levels,’ the note said. Nokia declined to comment. The handset manufacturer is set to report its earnings on 22 July. Nokia’s shareprice has fallen by a third in the past year, despite being the top handset manufacturer in global terms. The fall is driven by fears over rising competition, little in the way of new smartphones and currency trends.
As the shares continued their downward pattern speculator George Soros picked up $16.9m (£11.61m) worth of Nokia shares to open a position via his Soros Fund management vehicle.
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