By Ben King, 10 June 2002 16:25
NEWS Merrill Lynch has slashed its forecasts for Nokia's handset sales a day before the Finnish phone giant gives its mid-quarter performance update. The US investment bank cut its global handset sales forecast for 2002 by six per cent to 385 million units, and cut its 2003 estimate by 11 per cent to 410 million units. The bank also reduced its forecasts for Nokia's market share from 37 per cent in 2002 to 35 per cent, falling to 34 per cent the year after and 33 per cent the following year. Pressure in Europe from Samsung and Siemens, and from Samsung and Motorola in China will squeeze Nokia sales in its key markets, the bank says. Merrill cut its forecasts for Nokia's earning per share in 2002 and 2003 by nine per cent to 0.73 and 0.71 respectively, but left its "neutral" and long term "strong buy" ratings on Nokia shares unchanged.
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