Mobile phone maker Nokia cut its sales outlook today, citing weaker-than-expected margins and sales and sending the shares down 6 per cent.

The company said it now expects net sales from its devices and services business in the second quarter to be "substantially below" its previous forecast of €6.1 billion to €6.6 billion due to weaker sales and lower average selling prices.

Nokia, the world's largest phone maker by volume, also said it was no longer appropriate to provide annual targets for 2011.

Reuters