Nokia Says Sales Will Be Lower Than Expected

Nokia, the world’s biggest cell phone maker, said sales for the second half of this year would grow as much as 10%, instead of 15%--as market conditions continue to be uncertain.

The company also set new long-term sales and earnings growth targets of more than 10% for 2003 and beyond.

But the Finnish company maintained its previous guidance for pro forma earnings of 79 cents a share for 2002, excluding goodwill amortization and nonrecurring items. Chief Executive Jorma Ollila said he was uncertain when the market would pick up again. Despite the revised forecast, Nokia shares rose 3 cents to $12.43 on the New York Stock Exchange.