Handset makers collectively will sell fewer mobile phones in 2009 than this year, and sales for 2008 will be lower than previously expected, Nokia warned on Friday.
However, Nokia doesn't expect smartphones to be particularly hard hit.
The world's largest cell phone maker said that it now expects that total mobile phone sales across the market for 2008 will be 1.24 billion, instead of its earlier estimate of 1.26 billion. The total is still better than 2007, when 1.14 billion phones were sold. While Nokia didn't give a figure for how many phones it expects to sell next year, it did say that the total will probably be lower than this year.
Nokia said that, in the last few weeks, the global economic slowdown, combined with unprecedented currency volatility, has resulted in consumers pulling back sharply on their spending.
The market for mobile devices "has also been negatively impacted by the more limited availability of credit, which has limited the purchasing ability of some of our trade customers," the Finnish company added.
Nokia still expects market share in the fourth quarter to be at or slightly above third-quarter levels but warned sales and profit in its devices and services unit will be negatively impacted.
The telecom-equipment industry wasn't spared either, with Nokia Siemens Networks forecasting both the mobile- and fixed-infrastructure markets will be down in euro terms next year.
The telecom-equipment industry wasn't spared either, with Nokia Siemens Networks forecasting both the mobile- and fixed-infrastructure markets will be down in euro terms next year.
Nokia Siemens is the 50-50 equipment venture between Nokia and Germany's Siemens
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