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Monday, 08 September 2008 10:30

Nokia loses money

Written by Nick Farell

Image

Doom in the phone market


Nokia shares fell after the company announced its third-quarter market share will decline because of aggressive cost cutting by rivals.


Nokia, the world leader in flogging mobile phones, said that its market share would be about the same as in the first ot the two quarters, about 40 percent.
But it said it was losing ground because of its "tactical decision" not to match the aggressive price cuts of some of its competitors.


It said it would rather be profitable than popular any day. Shareholders didn't buy the idea and the companies shares fell 9.5 percent in trading in
Helsinki, and its U.S. shares slid 7.6 percent.

It has been a bad year for Nokia. The company's share price has plunged about 40 percent because of the credit crunch.

Last modified on Monday, 08 September 2008 14:46
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