Nokia Oyj shares fell the most in nine months after an award from a Samsung Electronics Co. patent dispute fell short of analysts' estimates, a sign that extracting royalty revenue from smartphone makers is becoming challenging as global demand for handsets slows. The shares dropped as much as 13 percent, the steepest intraday decline since April 30, and were down 12 percent at 5.82 euros as of 10:53 a.m. in Helsinki, wiping out about 4.3 billion euros ($4.7 billion) from its market value. An arbitration court of the International Chamber of Commerce settled the amount of additional compensation Samsung needs to pay to Nokia, the Finnish company said Monday in a statement, without providing exact financial details. The ruling could lead to annual revenue of as much as 200 million euros from Samsung, Sebastien Sztabowicz, an analyst at Kepler Cheuvreux, said in a note to clients. He had predicted as much as 250 million euros. The award is "well below consensus and broader expectations in the market," Janardan Menon, an analyst at Liberum Capital Ltd. in London, said in a note to clients. He said it's difficult to extract more royalty revenue from smartphone makers given the slowing demand for handsets. Nokia's patent-licensing business now has a annual revenue run rate of about 800 million euros. Nokia's technologies division, which licenses its patents, had fourthquarter sales of about 400 million euros and full-year 2015 sales of about 1.02 billion euros, it said.