Nokia expecting a tough 2009
Nokia might be the world’s largest mobile phone manufacturer but they are not escaping the tough economic conditions.
The company has just stated that their profits dropped sharply last year. The company is expecting an even tougher 2009 when it comes to revenues and profits.
Olli-Pekka Kallasvuo, Nokia chief executive added: “In recent weeks the macroeconomic environment has deteriorated rapidly, with even weaker consumer confidence, unprecedented currency volatility and credit tightness continuing to impact the mobile communications industry.”
One of the major reasons for the drop in revenues is the Chinese market. The sales of Nokia phones in this market dropped 36.1 per cent in the fourth quarter of last year compared to the previous year.
They are not alone… Other players in this market including Sony Ericsson, Motorola and Samsung are also suffering from slowing down sales in the market.
The company said that the high volumes help them to be in a stronger position compared to the competition.
China, Mobile Devices, Motorola, Nokia, Samsung, smartphones, Sony Ericsson, Wireless-Mobile
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