Nokia confident despite fall in net sales

Nokia has reported a 5% decline in net sales across Europe in the three months to September. The mobile phone manufacturer says, however, it expects handset volumes for the entire industry will rise by 10.5% to 1.26 billion by the end of the year.

Its net sales in the third quarter were €12.2bn (£9.53bn), compared with €12.9bn (£10.8bn) in the same period last year.

The company says it is only now starting to feel the pinch from slowing economies in Europe and the US, but is experiencing high demand from emerging markets in Asia and Africa.

Nokia’s volume share of all handsets dropped to 38% in this quarter, compared with 54% in the corresponding 2008 quarter. However it expects volumes to pick up by the end of the year.

Nokia chief executive, Olli-Pekka Kallasvuo, says: “As a result of our strong operational management and market position, Nokia was able to achieve solid margins and operating cash flow of €1.3bn (£1.02bn) for the third quarter of 2008. With our scale, brand, improving product portfolio and low cost structure, we believe Nokia is well positioned for the current times.”

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