Nokia Corp. saw its share price plummet 14 percent on Wednesday after it warned that heavy competition will hit its first-quarter earnings, especially in developing markets, and that it expected no improvement in the second quarter. The world’s largest cell phone maker said multiple factors had hurt sales, particularly in the fast-growing markets of India, the Middle East and Africa and China. The Finnish company has increasingly been losing out to competitors in the lucrative top-end smartphone sector, against Apple Inc.’s iPhone and brands using Google Inc.’s popular Android software, including Samsung. But it’s also been squeezed in the low-end by Asian manufacturers making cheaper phones, such as China’s ZTE.