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Nokia warns sales will fall in third quarter

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Nokia warns sales will fall in third quarter

05.09.2008
Nokia today sent markets reeling with news that its expects mobile device market share in the third quarter to decline from second-quarter levels.

The company said the overall mobile device market in 2008 will be impacted by the weaker consumer confidence in multiple markets.

However, it said it expects industry mobile device volumes in 2008 to grow 10pc or more from the 1.14 billion units it estimated for 2007.

The company attributed multiple factors for the revision of its third-quarter performance.

These include the company’s tactical decision to not meet certain aggressive pricing levels of some competitors, the overall market competition including entry markets and the temporary impact of a slower ramp-up of a mid-range Nokia device.

It said it did not participate in the recent aggressive pricing activity as it believed the negative impact on profitability would outweigh any short-term gains.

“We expect the product launches and start of shipments to be on track during the remainder of the third quarter and fourth quarter,” the company said in a statement.

By John Kennedy