Nokia, the world's leading mobile phone maker, today reported a nearly 69% drop in its fourth quarter net profit to €576m amid falling sales and lower prices for its handsets.
Nokia's CEO Olli-Pekka Kallasvuo said the global financial crisis had dampened demand for mobile phones but insisted the company would continue to invest in future growth, although it needed to cut costs.
'We are taking action to reduce overall costs and to preserve our strong capital structure. This is clearly our top priority in the current economic environment,' Kallasvuo said.
In the months from October to December the firm sold 113 million mobile phones and its market share shrank to 37% from 38% in the third quarter and 40% in the last quarter of 2007.
Nokia said it expected global mobile device volumes in 2009 to decline some 10%from the 2008 level but said it aimed to increase its own market share.
