Consumer Spending Slowdown Dulls Nokia Outlook
Nokia, the world’s largest cell phone maker, on Friday downgraded its outlook for industry-wide mobile device volumes for the fourth quarter, citing pressure from the economic crisis and currency volatility. It also announced it planned further cost cuts in 2009 “to respond appropriately to the market conditions,” but said it would provide more details on Dec. 4 when it hosts its capital markets day in New York. The Finnish company warned in a statement that the rapid changes in consumer spending are likely to hit the mobile device market.
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Consumer Spending Slowdown Dulls Nokia Outlook
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