Nokia has been forced to issue a profit warning as the company continues to struggle to compete against Apple, Research In Motion, and other smartphone makers.
The company, which remains the No. 1 mobile phone maker in the world, said its second quarter will likely end up at "the lower end of, or slightly below, its previously expected range of €6.7 billion to €7.2 billion," according to the company.
Specifically, Nokia investors are wary that the Finnish phone maker will continue to lose customers in the higher-end phone market without stopping the bleeding. Some analysts are now saying Nokia's current mobile offerings both in North America and Europe are extremely weak.
Even with continued struggles against Apple and other smartphone competitors in the North American market, the company still has been able to focus on mid-range and lower-end phone models.
"There are people out there saying that Nokia is going into a tail spin, like Motorola did," said Tero Kuittinen, MKM Partners analyst, in a statement. "That's the narrative that's freaking people out, but I am not buying it. That tends to be discounted, particularly in the U.S., where Nokia has zero presence and all the focus is on what Apple and Google are doing."
In other Nokia news, the company recently announced a bicycle-powered phone charger aimed at Europe and developing nations in South America and Africa.