HELSINKI, Finland – As Apple struggles to meet demand for the latest version of the iPhone, Nokia is still waiting to ship its only model that may compete.

The Finnish company has announced just one handset, the N8, from its new high-end line based on revamped Symbian 3 software, while Apple’s recently unveiled iPhone 4 is flying off virtual shelves with 600,000 pre-orders and other vendors are rolling out models with Google Inc.’s Android software.

“The smartphone revolution has started and Nokia is not there,” said analyst Helena Nordman-Knutson. The N8 “will be old when it’s out because everybody has taken the next step.”

The world’s largest mobile-phone maker yesterday lowered revenue and margin forecasts, citing competition in the high-end smartphone market and showing that its fortunes in the application-rich iPhone segment may not turn before 2011. Chief Executive Officer Olli-Pekka Kallasvuo has struggled to deliver on a touchscreen model on a par with the Apple device.

Nokia said in April that the N8 will be shipped sometime in the third quarter.

It is also slated to introduce a second line of high-end devices running the MeeGo operating system developed with Intel.