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Nokia profit slumps but shares rise

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Nokia profit slumps but shares rise

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Nokia, the world’s dominant mobile phone maker, has reported its worst quarterly profit in more than a decade but enjoyed the biggest one-day rally in its shares in over a year. The share price rose 9.4 percent.

Slumping demand for handsets meant Nokia’s sales between January and March fell 27 percent and net profit was down 90 percent at 122 million euros. But the shares rose on relief things were not worse and as Nokia said it sees signs of stabilising demand.