Nokia’s quaterly profits drop by 66%

www.WirelessFederation.com/news: Nokia, the Finnish handset manufacturer has posted a 66% drop in its quaterly net profits. The net profits for the manufacturer dipped to 380 million euros (535 million dollars) driven by fall in handset sales and lower prices. “Competition remains intense,” chief executive Olli-Pekka Kallasvuo said in a statement. “But demand in the overall mobile device market appears to be bottoming out.”
Nokia said “the deteriorated global economic conditions, including weaker consumer and corporate spending, constrained credit availability and currency market volatility” were the key drivers behind the drop in profits.
“Nokia now expects its market share in mobile devices to be approximately flat in 2009, compared with 2008,” the company said in a statement.