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Nokia downgrades market forecast for 2nd time

HELSINKI, Finland - World-leading mobile phone maker Nokia Corp. on Thursday downgraded its fourth-quarter market outlook for the second time, saying the slowdown in the industry was bigger than expected.

Nokia said it expected industrywide handset volumes to drop below its previous estimate of 330 million units in the quarter and 1.24 billion units for the year.
The previous estimate on Nov. 14 was already cut from an earlier forecast.
"The industry continues to be impacted by the effects of a global consumer pullback in spending, currency volatility, and decreased availability of credit," the Finnish company said. It said the slowdown was more pronounced in emerging markets.
Citing "insufficient visibility in the marketplace," Nokia said it was no longer able to stick to its previous estimate of maintaining 38 percent or slightly more of the mobile phone market in the fourth quarter.
Nokia also presented a gloomy forecast for next year, saying it expects the mobile phone market to contract by 5 percent compared to 2008. Still, Nokia said it targets an increase in market share, including in smartphones.