CAIRO: The Finnish cell phone giant Nokia warned that its first quarter financial results for 2102 will be less than its original forecast, due to a decline in gross margins and what it called “competitive industry dynamics”. A press release from the Finnish corporation expects a three percent plunge in the first quarter of 2012, previously expecting to break even. Stephen Elop, Nokia's CEO, said in a statement “Our Devices & Services in the first quarter of 2012 illustrates that our Devices & Services business continues to be in the midst of transition.” “Within our Smart Devices business unit, we have established early momentum with Lumia, and we are increasing our investments in Lumia to achieve market success. Our operator and distributor partners are providing solid support for Windows Phone as a third ecosystem, as evidenced most recently by the launch of the Lumia 900 by AT&T in the United States.” Nokia revealed that it has shifted two million Lumia phones in the first quarter. This was the only good thing Nokia said in its press statement.
