The main reason for the slump was a dramatic fall in sales, which were down by almost a third. Nokia is implementing a cost-cutting drive during the economic downturn and announced 1,700 job cuts last month. Sales were down by 27% to 9.28bn euros in the quarter from 12.7bn euros a year ago, Nokia said. This included the proceeds from the sale of 93 million phones. "The macro [economic] environment is causing many people to trade down and purchase lower priced handsets," Nokia boss Olli-Pekka Kallasvuo said.Source: BBC News
Nokia's first quarter profit down 90 percent
Posted on Thursday, April 16 2009 @ 20:45 CEST by Thomas De Maesschalck