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Edition: U.S. Article Comments (0) Technology Intel unveils laptops that include tablet features Steve Jobs to kick off Apple conference Nokia warns of weaker sales, shares drop Google: Chrome to power only notebooks for now HP expands recall of laptop batteries Sony: PlayStation recovery delayed in parts of Asia Samsung asks court for next-gen iPhone, iPad Lockheed hack highlights cyber-blame snags Follow Reuters Facebook Twitter RSS YouTube Read Killer bacteria claims victims in Germany, Sweden 11:13am EDT Bus crash in Virginia kills four, injures dozens 11:37am EDT UPDATE 1-Intel unveils laptops that include tablet features 6:52am EDT Home prices fall again as May confidence dips 11:27am EDT German government wants nuclear exit by 2022 at latest | 7:53am EDT Discussed 75 $1 trillion on the table in U.S. debt talks 59 Judge voids controversial Wisconsin union law 51 Speculation grows over Sarah Palin’s 2012 plans Watched Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 Massive Australian waterspout caught on film Mon, May 30 2011 GM pulls the plug Fri, May 27 2011 Nokia drops targets, shares slump to 13-year low Tweet Share this By Ando Ritsuko HELSINKI (Reuters) - Mobile phone maker Nokia Oyj slashed its sales and profit outlook on Tuesday and scrapped forecasts for 2011 due to tumbling prices and intense competition, sending its shares crashing 15 percent. Nokia, once... Email Print Related News Instant view: Nokia warns on Q2, drops FY targets 9:12am EDT Analysis & Opinion Tech wrap: Microsoft carts out Mango phone OS Microsoft-Skype: inspirational or hype? Related Topics Technology » Hot Stocks » Asian Markets » Media » A man talks on his mobile phone as he walks past an advertisment for the new Nokia N8 on Oxford Street in London, September 30, 2010. Credit: Reuters/Luke MacGregor By Ando Ritsuko HELSINKI | Tue May 31, 2011 11:26am EDT HELSINKI (Reuters) - Mobile phone maker Nokia Oyj slashed its sales and profit outlook on Tuesday and scrapped forecasts for 2011 due to tumbling prices and intense competition, sending its shares crashing 15 percent. Nokia, once the undisputed force in the mobile phone market, has seen its position challenged in recent years, particularly losing ground in the smartphone market to newcomers Apple Inc and Google Inc. The company, which is still the number one handset maker by volume, has overhauled its phone business, adopting Microsoft Corp's software instead of its own Symbian platform. But it continues to suffer from mounting competition and said in a profit warning it expects net sales from its devices and services business in the second quarter to be "substantially below" its previous forecast of between 6.1 billion euros ($8.7 billion) and 6.6 billion. It expected its non-IFRS operating margin for devices and services to be around break-even in the second quarter, rather than previously expected range of 6 percent to 9 percent. "This update is primarily due to lower than previously expected average selling prices and mobile device volumes," the company said. "Given the unexpected change in our outlook for the second quarter, Nokia believes it is no longer appropriate to provide annual targets for 2011," it said, adding it would still provide quarterly updates. "Given the internal turmoil that will be generated by this news, it is increasingly difficult to see that Nokia can leapfrog one handset generation and be on par with the competition in early 2012. Investors should be more than concerned about the dividend possibility," said WestLB analyst Thomas Langer. "It seems like it's especially their emerging markets exposure in China where they are hit by competition in the low end of the market," said Sydbank analyst Morten Imsgard. "Short term, there's a lot of turmoil in the company." The warning comes a month after Nokia said it would cut 7,000 jobs and outsource its Symbian software development unit to cut costs. The shares were down 14.9 percent at 4.908 euros at 9:17 a.m. EDT. (Reporting by Helsinki Newsroom; Editing by Andrew Callus and David Holmes) ($1=.7000 Euro) Technology Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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