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Nokia reduces sales growth target

HELSINKI, Finland-Nokia reduced its sales growth target for the second half of this year from 15 percent to 10 percent, but maintained its earnings target for the year of 80 cents per share.

Nokia also maintained its belief that its total market volume of handsets for the year will be in the range of 400 million to 420 million.

Predictions for sales and earnings growth in 2003 are significantly down from previous year’s projections. Nokia executives set a long-term annual growth target of about 10 percent. That number has been between 25 percent and 35 percent in the past.

Analysts seemed pleased that the company did not cut earnings. Shares of Nokia were up 48 cents, trading at $12.88.

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