Ericsson (ERICY) was down 16.7% in preopen Island trading after the Swedish telecom equipment maker posted a first-quarter loss of 4.9 billion crowns ($482.9 million), below market expectations of 5.05 billion crowns. The company expects to post a similar loss in the second quarter, and said it saw no sign of recovery in the near term.

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, the world's largest mobile phone maker, beat expectations, posting earnings up 6.1% to $1.25 billion. Nokia also reported it had over 35% of the global handset market, up from 32% in the fourth quarter, but also reduced its sales and profit outlook for 2001. Nokia was down 1.7% in preopen

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