Nokia Big Loser in Q3

Nokia (NYSE:NOK) the largest phone maker in the world lost out in the third quarter as profits tumbled 30 percent as sales decreased, overall Nokia losing a share in the market. Although with the holiday period around the corner Nokia predicts sales to increase for the rest of the year. Nokia estimated a 10 percent growth for the whole industry in 2008 and is still standing by its estimate.

Net profits in Nokia from July through September slumped 1.09 billion euro’s ($2.7 billion) from 1.56 billion euro’s the year before. Net Sales dropped to 12.2 billion euro’s ($16.6 billion) from 12.9 billion euro’s which is a 5 percent net sale drop.

Mobile internet services is the key focus for Nokia, with the launch of the Come with Music, this service provides downloadable tracks straight onto your Nokia phone, with millions of tracks to chose from. Plus the first ever touchscreen the Nokia 5800 Xpress Music, which is the Nokia’s answer to Apple’s iPhone and at the moment giving it a good run for its money as we run up to Christmas.

Source: businessweek