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To: elmatador who wrote (16746)	3/12/2002 5:17:28 AM
From: elmatador	Respond to of 74559

Nokia first-quarter network sales fall sharply By Maija Pesola Published: March 12 2002 09:37 \| Last Updated: March 12 2002 09:52 Nokia, the world's largest mobile phone manufacturer, on Tuesday said it was on track to meet or exceed earnings guidance for the first quarter, although it warned that sales of network equipment would see a sharper decline than previously forecast. Shares in the company fell more than 4 per cent to E25.95 following the statement. The Finnish company said earnings per share would be at the upper end or slightly above the E0.15 to E0.17 range it forecast in January, but sales would be slightly belowthe 6-10 per cent year-on-year decline previously estimated. Revenues in the network business would be down 25 per cent year-on-year in the first quarter, rather than the 16-20 per cent decline it estimated in January. It maintained its forecast for its handset unit, with sales expected to decline 3-7 per cent year-on-year. The sharper-than-expected decline in sales raises more concerns about Nokia's ability to meet its full-year target of 15 per cent revenue growth. Analysts have already been sceptical about this target, arguing that in order to get back on track after the first quarter, for the rest of year Nokia would need to achieve sales growth of about 27 per cent in the networks unit and 22 per cent for handsets.