Nokia slashes phone prices of phones by 10% (World)
Nokia, which controls 40% of handset market, cut prices of many of its phones by up to 10 percent in late July, with the steepest cuts in music and media phones, according to market data and industry sources. Nokia’s price cut will put further pressure on its smaller rivals like Sony Ericsson , who’s focus is music and camera phones.
Nokia had cut prices across the portfolio, while the sharpest falls seen in the data market of Finland, in retail prices of music phone models 5310, 5610 and multimedia handset N81 8GB, reveals an European industry source.
The share price of Nokia fell by 2.2% soon after the news.
