Nokia shares slump as phone sales dive

Mobile phone maker Nokia's shares slumped to a 13-year low yesterday after it issued a profits warning, raising questions over whether its new boss can deliver on the turnaround he promised in February.

Nokia has seen its once-dominant position threatened in the smartphone sector by Apple's iPhone and Google's Android devices. The company, still the number one handset maker by volume, is switching to Microsoft software from its own Symbian platform as part of an overhaul of its phone business set out three months ago by new chief executive Stephen Elop.