NEW YORK (CNNMoney.com) -- Nokia shares plunged more than 9% after the company warned investors that its cell phone business will post weaker-than-expected second quarter results.
Shares of the Finnish mobile phone maker fell 9.6%, or 94 cents, to $8.88 after the company said it expects sales in its devices and services business to be at the lower end, or slightly below, its original estimates of $8.2 billion to $8.8 billion for the second quarter.
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The news wasn't much of a surprise, since Nokia (NOK) has failed to grow its high-end smartphone business as quickly as its lower-end phones for at least a few years, said Matt Thornton, a senior analyst with Avian Securities.
Nokia has struggled to woo gadget geeks in the last year, while the Apple (AAPL, Fortune 500) iPhone and Google's (GOOG, Fortune 500) Android lead the way in a smartphone surge.
Nokia cited a "competitive environment, particularly in the high-end of the market," as a major factor negatively impacting the company's financial results.
In the first quarter of the year, Nokia was the market leader in mobile phones, with a 36% share worldwide, but competitors like Research in Motion (RIMM) and Apple are gaining, according to research firm Gartner.
The euro's recent declines to four-year lows are also likely to have significant effect on the Finnish company's bottom line, the company said.
Nokia will report its second-quarter results on July 22. 
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