Nokia Briefs Analysts on Mobile Technology at London Meeting
--From AOL. Hopefully more detail will follow.-- Cooters
London, June 27 (Bloomberg) -- Nokia Oyj, the world's biggest cellular-phone maker, discussed new mobile-phone technologies and products at a meeting with analysts, and said it is unlikely to be able to meet demand for networking equipment, analysts said.
The meeting focused on technology for the next generation of mobile-phone networks, and how it allows the distribution of data.
Nokia shares, which tumbled as much as 9.3 percent today, have plunged 16 percent in the past four sessions on concern the company would tell analysts to lower their earnings estimates, analysts said.
``The meeting was about third-generation detail,'' said Jussi Hyoety, an analyst at FIM Securities in Helsinki, who attended the meeting. ``There was no mention about a profit warning.''
Nokia denied it is talking down analysts estimates ahead of second-quarter earnings, scheduled to be released July 27.
``There is no base for such rumors,'' said Antti Raeikkoenen, head of Nokia's European investor relations, who attended today's meeting in London. ``The meeting was about third- generation business cases.''
Nokia shares recently traded at 54.60 euros, down 5.8 percent, or 3.35 euros from yesterday.
Jun/27/2000 10:16 ET |
