Nokia profit drops 69% in Q4

Nokia profit drops 69% in Q4
AP
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First Published: Thu, Jan 22 2009. 04 51 PM IST
Updated: Thu, Jan 22 2009. 04 51 PM IST
Helsinki: The world’s top mobile phone maker, Nokia Corp, says its profits fell 69% in the fourth quarter as the economic downturn slowed handset sales.
Net profit was €576 million ($743.62 million), down from €1.84 billion in the same period in 2007.
Sales fell 19.5% to €12.7 billion, from €15.8 billion.
Nokia says its market share fell to 37%, down from 40% in the fourth quarter of 2007, and 38% in the thrid quarter in 2008.
The company gave a bleak outlook for the industry in Thursday’s earnings report, saying it expects global mobile device volumes to drop 10% in 2009 compared to last year.
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First Published: Thu, Jan 22 2009. 04 51 PM IST