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Nokia profit plunges 90 per cent to euro122 million
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Nokia Corp. says its profits plummeted 90 per cent in the first quarter as sales fell amid a slump in demand for mobile phones.
The world’s top mobile phone maker says net profit was euro122 million compared to euro1.22 billion in the same period last year.
Sales dropped 27 per cent to euro9.28 billion from euro12.7 billion in the first quarter of 2008. As it presented its first-quarter report on Thursday, Nokia said handset sales were down 33 per cent to euro6.2 billion.
Nokia has fared better than many rivals during the credit crunch but it, too, has been hit by falling demand. Last month it announced 1,700 layoffs worldwide as part of its efforts to slash costs.