Nokia Now Sees ‘09 Cell Phone Sales Down At Least 5%

Nokia (NOK) , which is meeting with analysts today in Brooklyn, this morning once again cut its outlook for Q4 mobile phone sales. The company also said it is reducing costs, with reductions in operating expense and capital spending. Nokia said that the device market slowdown has been more rapid than expected since its last update on November 14. For Q4, the company says its previous estimate of worldwide mobile industry units of 330 million was too high; the same goes for its full year 2008 estimate of 1.24 billion units. Nokia also says there is insufficient visibility to confirm its prior estimate that its market share in Q4 will be flat to slightly up from the 38% level in Q3. For 2009, the company now sees mobile device market volumes down 5% or more from 2008 levels. They also expect sell-in to be lower than sell through as operators and retail channels cut inventory. The company has targeted an increase in market share in 2009, including higher share in smartphones. The company ... (link)