Nokia shares slump 16pc after cutting profit forecast "This was a very rough warning," said analyst Mikael Rautanen at Inderes. I would have expected that by the second quarter the slide would have been stopped, but now it seems that the first quarter was horrible and the second quarter even worse. The Lumia sales were half of what I expected. At West LB, Thomas Langer said Nokia's progress was "a disaster." "Shipments of Symbian devices are declining faster than we anticipated and I think that was maybe the single most important risk with regard to the Nokia model: that the ramp-up of Lumia devices is not fast enough to compensate for the shortfall in Symbian shipments," he said. According to data released last month from Kantar WorldPanel ComTech, Nokia's Symbian handsets accounted for 2.4pc of the smartphone market, down from 12.4pc a year ago. However, the company is still making money from the operating system in the developing world. Ben Wood at CCS Insight held out hope that Mr Elop might still reverse Nokia's decline. Nokia is still in transition and with Symbian volumes having fallen away more dramatically than expected and Windows Phone still ramping up, the first two quarters of 2012 were always going to be challenging. The difficulties facing Nokia have been "exacerbated by rampant competition - notably from Apple and Samsung," he added. Shortly after Mr Elop arrived at Nokia, he famously told staff that the company was like a man on a "burning oil platform" and that it must embrace "radical change" or risk being consumed by the flames. He said in an internal email that the man jumped off the platform into the "icy water and survived."