Chief Executive Olli-Pekka Kallasvuo tried to convince shareholders today at the Finnish company’s annual meeting that Nokia, the world’s largest mobile-phone maker, will have new smartphones this year that will “help close the gap” with Apple Inc., Research In Motion Ltd.’s BlackBerry and devices based on Google Inc.’s Android software.

“Patience is running out and people are starting to worry about eroding brand value,” said Max Jul Pedersen, who helps manage $95 billion at Danske Capital in Copenhagen and is considering selling his Nokia shares. “Nokia has very little to show for their big research and development budget.”

Nokia, based in Espoo, Finland, spent almost six times as much as Apple on R&D last year, yet has failed to develop a device with the same mass appeal as the multi-application iPhone. The company’s shares have tumbled about 20 percent in the two weeks since it reported first-quarter earnings that missed analysts’ estimates, wiping out 8.2 billion euros ($10.5 billion) in market value.

Now 34 billion euros, or $44 billion, the company’s market capitalization compares with Cupertino, California-based Apple’s $230 billion, and is a shadow of its 1999 peak of 203 billion euros, the highest of any European company.