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Nokia Profits Plummet 90% for Q1 2009

Nokia Profits Plummet 90% for Q1 2009

Nokia keeps its market share lead despite dwindling profits

The mobile phone market is facing massive losses during the economic crisis as consumers are not purchasing new devices they way they did in previous years. There are a few exceptions in the smartphone market with Apple and RIM doing well despite the economy.

Nokia is the world’s largest producer of mobile phones. Despite the distinction of having the largest market share, Nokia’s profits are down massively compared to the same period of 2008. CNET News reports that Nokia announced this week that its net profits for Q1 2009 fell a massive 90% compared to the same quarter in 2008.


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