Nokia’s 2nd-Quarter Profit Down 28%

Mobile phone leader Nokia Corp. reported that its second-quarter profit fell 28%, and warned that sales in the current quarter could fall short of last year’s level.

Nokia earned $699 million, or 15 cents a share, compared with $966 million, or 20 cents, a year earlier.

Second-quarter sales edged up to $7.8 billion from $7.7 billion last year.

Nokia said that its phone sales grew by 14%, but that the value of sales was up only 2%.

Strong sales in Europe were offset by lower sales in Asia and “substantially lower sales in the Americas,” it said.

Shares of Nokia fell $3.57 to $14.38 on the New York Stock Exchange.