Nokia Down on Warning - TheStreet

Nokia (NOK) - Get Report was down 17.5% in preopen Instinet trading after the company warned that slowing market growth would hurt earnings.

The mobile-phone giant now expects second-quarter EPS of 0.15 to 0.17 euros, vs. a previous estimate of 0.20 euros, and 10% sales growth over the year-ago period, compared to earlier estimates of 20%. Nokia earning 0.21 euros per share in the second quarter of 2000.

The company said it would revisit its second-half guidance July 19 as it expects pressure from the market slowdown to continue, but added that it expects a "significantly larger" mobile phone market in the second-half.

Other stocks in the sector were falling on the warning, notably

RF Micro Devices


, maker of radio frequency chips for wireless communications. RF Micro was down 20%.