Nokia meets expectations for Q2

Mobile phone maker Nokia has announced its results for the second quarter.

The results reveal that the company's net revenue is down 5.6 percent from last year, from €7.34m to €6.94m.

The company posted pro forma net earnings per share of 17 cents per share, or €1.3 bn, a 10 percent drop from the previous year when it posted earnings of 19 cents per share or €1.17 bn.

The results meet the company's expectations for the quarter, but it has warned that conditions for the rest of the year are likely to be hard.

Nokia downgraded its long-term growth targets by 10 percent in June, when it issued a profit warning. The company now expects to make margins of around 20 percent this year.