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