Market leader Nokia attests to the fact that the US economy is in trouble and with it, the global economy. The Finnish cell phone maker Nokia reported today a 30 percent distil in third-quarter net profit amid falling sales and lower prices for its handsets.
Nokia said its market share was shrinking, ticking in at right 38 percent in the third part quarter from 40 percent in the previous three-month period and from 39 percent in the third quarter of 2007.
Net profit in July through September plummeted to 1.09 billion euros ($2.7 billion), from 1.56 billion euros a year earlier. Net sales dropped 5 percent to 12.2 billion euros ($16.6 billion), from 12.9 billion euros.
Last month, Nokia had warned that its market share would drop because of price cuts by competitors, but said it would not change its sales military science.
See full article.
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