Nokia has admitted that it’s being squeezed in the smartphone market, revising its financial forecasts for Q2. “multiple factors are negatively impacting Nokia’s business to a greater extent than previously expected. These factors include: the competitive environment, particularly at the high-end of the market, and shifts in product mix towards somewhat lower gross margin products,” says a statement from the company. It now thinks it may fail to meet its previous prediction of Devices & Services revenues of between 6.7 and 7.2 billion Euros for Q2.

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