• From The BBC:

    Nokia, the world’s biggest mobile phone maker, saw a 66% slide in quarterly profit as the economic downturn hit demand for handsets.The news sent Nokia’s share price sharply lower. It made a net profit of 380m euros (£326m) in the April to June quarter, down from 1.1bn euros a year earlier. Rival phone maker Sony Ericsson also reported a quarterly loss and warned that the rest of the year would remain difficult for the company. ‘Tough quarter’Nokia said it had put in a “solid performance” in “another tough quarter”. It said it was unlikely to be able to increase market share this year despite predicting earlier it would be able to. “Competition remains intense, but demand in the overall mobile device market appears to be bottoming out,” said Olli-Pekka Kallasvuo, Nokia’s chief executive. Nokia’s shares fell 8.8% to 10.12 euros. ‘Challenging’Sony Ericsson made a loss of 213m euros (£183m; $300m) in the April to June quarter, slightly less than the 293m euros deficit in the f…

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    Posted by Jon @ 7:17 pm

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