10/16/2008 6:03:00 PM
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
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
A more comprehensive overall picture should come to light
within the next week, with Samsung, Sony Ericsson, LG and Motorola all due to
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.’