Nokia downgraded Q4 forecasts Thursday for the second time, blami...
Nokia downgraded Q4 forecasts Thursday for the second time, blaming a bigger-than-expected slowdown in the handset business. Citing “insufficient visibility in the marketplace,” the handset maker said it was no longer able to stick to its previous estimate of…
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keeping 38 percent or more of the cellphone market this quarter. It expected industry- wide handset volumes to fall below its previous estimate of 330 million units in the quarter and 1.24 billion units for the year. Nokia’s Nov. 4 estimate was already cut from an earlier forecast. The company also expects the mobile phone market to contract by 5 percent in 2009 compared to this year. CEO Olli-Pekka Kallasvuo warned that 2009 would be a challenging year for the industry, but said he still expected Nokia to strengthen its position as a market leader.