Posted on 15/11/08
Nokia reduces outlook for mobile phone sales
Nokia Corp., the world's largest maker of mobile phones, said industry-wide handset sales will be lower this year than previously anticipated, forcing the company to deepen cost cuts as consumers hesitate to buy new models. Global shipments will be about 1.24 billion this year, down from a previous prediction of 1.26 billion phones, and will shrink next year, Nokia said yesterday. Still, the Finland-based company aims to keep or "slightly" increase its market share this quarter from the preceding three months. Nokia also said the global economic slowdown and currency volatility caused a "sharp" slide in consumer spending, which may lead to the first industry contraction since 2001. NOK1V (Helsinki) fell 38 euro cents to €9.95 ($15.48).
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