The global financial meltdown has hit really bad many companies and it seems even major cell phone manufacturers are bleeding. Nokia is hard hit as well and has been cutting out the deadwood to trim down on expenses and make it through the bad patch.
There is a glimmer of hope in the Q3 results that the Finnish giant has just posted, because they show 5% growth in sales of devices and services compared to the figure in Q2 2009 but they are still 19.6% lower than the third quarter of 2008. While the operating profit of the company has dropped dramatically by 57.8% over last year's and 4.4% over last quarter's.
Still Nokia have managed to move some 108.5 million mobile handsets for the past three months, down 8% year on year and up 5% sequentially. And according to the company estimates, Nokia have got 38% of the market share, which is equal to what they had in Q3 2008 and Q2 2009. So Nokia enters the last quarter of the year, expecting to ship more handsets than in Q3, but to keep about the same market share.
In conclusion, Q3 has not been a stellar quarter for Nokia but the company expects things will take a turn for the better after all.