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Last Updated: Thursday, 26 May, 2005, 17:24 GMT 18:24 UK
Nokia warned by market regulators
Nokia phone screen
Nokia is the world's largest mobile phone producer
Phone maker Nokia has been reprimanded by Finland's financial market watchdog and stock exchange for not releasing positive earnings news quickly enough.

Listed in New York and Helsinki, Nokia followed US rules but did not abide by Finland's, the regulators said.

Nokia should have told investors about the improved fourth-quarter earnings and sales on 14 January, and not have waited until 27 January as it did.

Nokia shares jumped more than 6% when the good news came out on 27 January.

'Time to communicate'

"We are a multi-listed company and we are obliged to follow the laws of all countries," spokeswoman Arja Suominen said.

"According to our understanding, rules gave us time to communicate. Of course in the future we will take the decision into consideration."

In January, the company surprised the market by saying that earnings per share was 0.23 euros, 25% more than had been expected.

Sales hit 9.1bn euros ($11.4bn), topping the forecast of between 8.4bn euros and 8.6bn euros.

Nokia said that the improved earnings "were not explained in any way by a specific factor which would surprise the market or affect investment decisions."

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