Nokia: Q3 2008 market share may drop
By Will Park on Friday, September 5th, 2008 at 4:24 PM PST In Announcements, Financial, Nokia
Nokia, the clear leader among mobile phone manufacturers, has seen its mobile marketshare reaching upwards of 40% of the global mobile phone market in Q2 2008. At that time, the Finnish cellphone giant announced that it expected its Q3 2008 market share to stay the same. Unfortunately, for Nokia (NYSE: NOK) and their shareholders, the company has announced today that they expect their market share to drop in Q3.
Nokia blames a weak global economy for the revision to their third-quarter outlook. The news sent Nokia shares tumbling 11% (as of 1443 GMT), leaving the world’s largest cellphone manufacturer trading at a three-year low.
On the upside, Nokia says that it expects to see its full-year 2008 market share increasing ever so slightly. At the end of the day, it’s all about how a company fairs in the long-term. Quarterly financial wobbles can be indicators of underlying corporate problems, but in Nokia’s case, we’ll see the Finns pull through.
[Via: Forbes]
