Nokia Q2 profit falls 40 pct to $290 million

Nokia Corp. says second-quarter net profit fell 40 percent to (EURO)227 million ($290 million) as sales remained flat.

The world's top mobile phone maker says net profit was down from a net profit of (EURO)380 million in the same period last year. Revenue grew a mere 1 percent in the period to (EURO)10 billion from (EURO)9.9 billion a year earlier, Nokia said Thursday.

Nokia shares fell more than 1 percent to (EURO)6.90 ($8.84) in afternoon trading in Helsinki.

The company repeated its prediction that the global mobile market will grow 10 percent this year while its own growth would remain flat.

Nokia said it sold 111 million handsets in the quarter, up 8 percent on 2009.