(NOK) - Get Report

forecast another year of exploding growth in the worldwide mobile device market Monday, saying the industry should sell a total of 600 million cell phones and other wireless gadgets in 2004.

The estimate implies worldwide growth of about 27% over 474 million in 2003. Nokia had previously put worldwide mobile device volume at about 565 million. Nokia put its own share of the mobile market at just below 32% in the first quarter, when the company sold 44.7 million units. A report in Europe said the company continues to target long-term market share of 40%.

"Clearly the industry is thriving," Nokia said in a release. "Throughout 2004, around 800,000 new subscribers joined the mobile world every day. ... As a result of fast growth in the number of new subscribers, we now expect the mobile subscription base to reach two billion in 2007, one year earlier than our previous forecast."

Investors panned the outlook, sending Nokia shares down 22 cents, or 1.5%, to $14.02 in premarket trading.

The company also announced five new cell-phone offerings and the release of a new software platform, Series 60.