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The company also set long-term sales and earnings growth targets of more than 10 percent a year, beginning in 2003.
Nokia's lowering of its second-half sales forecast came one week after the company cut its second-quarter sales guidance.
Nokia chief executive Jorma Ollila said although there is plenty of "uncertainty in the telecom industry as well as the global economy," he believes the company's targets are "very reasonable for the next three to five years".
Nokia expects the mobile phone industry to ship between 400m and 420m handsets in 2002, slightly above last year's estimated total of 350 million, the company said.
Second-half sales growth will come in large part from the launch of 30 new phone models, said Matti Alahuhta, president of Nokia's mobile phone division. Of these, 10 will be colour-screen models, he said. More than half of all phone deliveries planned by Nokia by the end of the year will support MMS (Multimedia Messaging Service), he said, adding that more than 50% of its handset shipments in 2003 will have colour screens.
Nokia is targeting a global market share of 40% in mobile phones, Alahuhta said. He declined to give a time frame for achieving this.
The company's market share was around 38 percent in the first quarter of this year, a company spokesman said.
The global mobile phone market reached one billion users for the first time in May and should reach 1.5 billion by the end of 2005, according to Alahuhta.