Nokia sees cellphone, gear market falling

Font Size

Print

Feedback

Email

Discuss

Related Articles

BP looking at Kosmos bid: ReportVolvo Q3 loss smaller than forecastAmerican Express profit beats estimatesCIT, Goldman in tentative pact: Report

Helsinki, November 17: : whole," analyst Mark Sue from RBC Capital Markets, said in a research note.

Nokia's forecasts sent wireless stocks lower in Europe and North America, with Alcatel-Lucent falling 3.4 per cent, Motorola down 10.9 per cent, RIM losing 8.5 per cent and Apple off 6.4 per cent.

Nokia expected its market share in the fourth quarter to be around 38 per cent or slightly higher, but sales and profitability for key devices and services would be hurt. Reaching a 20 per cent operating profit margin at the unit was not on the horizon and it would take decisive action to reduce its cost base significantly.

"You absolutely have to be brutal about prioritising what you are going to continue to invest (at) the right pace and that means you have to cut some things off the bottom that would be nice to do, but they aren't necessary to do. We are absolutely going through that process," said Simonson.