Nokia sees sales and profits slump in Q3

Nokia sees sales and profits slump in Q3

Nokia’s has produced a sobering set of third quarter figures, recording a steep drop in overall profits and a reduction in sales.

The manufacturer remained upbeat despite suffering a 30% drop in profits and seeing sales fall by 5.1% to EU12.2 billion.

The main cause for optimism was given in the form of strong growth in the smartphone field. ‘Converged devices’ grew from
31.7m in q3 2007 to 44.2m for the same period this year.     

The results suggest that the struggling global economy is starting to take its toll on the mobile industry, defying the belief that the telecoms will buck the recessional trends.

A more comprehensive overall picture should come to light within the next week, with Samsung, Sony Ericsson, LG and Motorola all due to release results.

Olli-Pekka Kallasvuo, chief executive of Nokia, said in a statement: ‘With our scale, brand, improving product portfolio and low cost structure, we believe Nokia is well positioned for the current times.’

Written by Mobile Today
Mobile Today

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