Nokia's net income slips 30%, sales and market share slide too

by Darren Murph, posted Oct 17th 2008 at 9:29AM

Man, what a difference a year makes. Almost 12 months ago to the day, the suits in Espoo were celebrating with extreme joviality after seeing profits soar a whopping 85% to $2.2 billion. Today, those same folks (plus / minus a few) are hanging their heads along with just about every other mega-corp on the planet. As credit tightens and the economy slows around the globe, people have apparently decided that another shiny new Nokia probably shouldn't be numero uno on the priority list. To that end, Nokia saw its net income sink 30% to around $1.47 billion while sales slipped 5% and market share fell ever-so-slightly to 38% (from 40% in January). Granted, it's not like Nokia didn't warn us that this was coming, but we're sure that doesn't make things any easier to swallow for shareholders. At least the gift giving season is just around the bend, right? Happy thoughts, happy thoughts.

[Via mocoNews]

Filed under: Handsets, Nokia, Misc

Tags: business, earnings, economy, industry, nokia, quarter, quarterly report, QuarterlyReport, sales

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Reader Comments (Page 1 of 1)

Neutral

Pops @ Oct 17th 2008 10:36AM

5800XM and new N series phones won't make it any worst at least. Nokia is usually the one who shows how the whole industery is doing, but most of all it's intresting to see how is Nokias new arch enemy, Samsung doing. I'm pretty sure that Nokia gets back some market share bck in Q4(more importantly profits) and so seems to be thinking shareholders too because Nokia stopped to + slide in stock market.
SE at least reported it's Q3 results just and they keep going down fast.

Thought one thing what they are kind of missing is mid ranged phones that would have sold 10s of millions like 6300 and 6500s/c did and are of course selling still, but they need new hit there.

Neutral

Maciek @ Oct 17th 2008 8:21PM

All I can say is that Nokia lost quite substantial revenue by not introducing a single phone with support for T-Mobile's 3G frequency. I for one am sad to say that in order to enjoy the new 3G speeds have to switch from my beloved N95 to G1. I like the openness of the device but the camera looks like crap. Had Nokia released N85 with T-Mob's 3G it would be a BIG hit and the big N would get my chunk of money instead of channeling it into the hands of T-Mobile.

You snooze...you loose