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Nokia Corp. downgraded its outlook for industrywide 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.
It now expects industry mobile device volumes in the fourth quarter to come in below previous forecasts, to around 330 million in the fourth quarter and 1.24 billion for the year. It had earlier forecast 1.26 billion units for the year. It also said it expects industry mobile device volumes to be lower than in 2008, mainly because of the overall economic slowdown.
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