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Nokia cuts smartphone forecast for Q2 and FY2010

Updated Dec 19th, 2018 6:40PM EST

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Last week, Macquarie Group analyst, Phil Cusik, warned that Nokia would have to cut it’s Q2 and FY2010 smartphone forecasts. Today, Mr. Cusik’s warning has become a reality. Bloomberg is reporting that Nokia cut its forecasts due to “a lack of high-end devices and a weaker euro.” Nokia’s stock reacted to the news by dropping 7% to 7.37€.