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Nokia profits slump by 40 per cent

Asavin Wattanajantra

Pressure brought on by Google and Apple really does seem to be hitting Nokia hard, as the company announced a 40 per cent fall in profits in the second quarter.

It increases the heat on chief executive Oli-Pekka Kallasvuo, with reports suggesting that Nokia was working on replacing him with somebody much better prepared to battle against rivals like Apple and Google with their own operating systems.

Nokia put a brave face on the results, with Kallasvuo claiming that there were several reasons to still be optimistic about the future due to the company’s grip of the cheaper mobile phone market.

He said, “For one, the global handset market has continued to grow at a healthy pace, led by some of the less mature markets where Nokia is strong.”

“We are also encouraged by the solid second quarter performance of our Mobile Phones business, helped by an improving line-up of affordable models.”

But he recognised that Nokia had fallen some way behind other companies with the high-end market, and put his hopes in the new Symbian^3 OS.

He said, “We believe that the Nokia N8, the first of our Symbian^3 devices, will have a user experience superior to that of any smartphone Nokia has created.”



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