An unexpected fall in Nokia’s first quarter sales saw technology stocks across the world take a battering yesterday. In the three months ending 31 March 2004 Nokia reported a 2% fall in revenues to EUR6.6 billion, well below its guidance of an increase of 3%-7%. The news immediately knocked EUR13.8 billion from Nokia’s valuation, with shares falling 17% to EUR14.47. The slump in revenues was blamed on lower than expected sales in Europe and Asia and the company’s lack of handsets in the middle-market range. To tackle the latter, Nokia has already announced plans to launch 40 new models this year, though analysts are sceptical whether these will be rolled out quickly enough to help the vendor’s second and third quarter results.