Wired PR News.com – As reported by Reuters, Nokia predicts that the economic downturn will take its toll on the cell phone and mobile accessory market in 2009, demonstrating a decline seen across the globe. The leading phone and handset provider was quoted as stating “In the last few weeks, the global economic slowdown, combined with unprecedented currency volatility, has resulted in a sharp pull back in global consumer spending… Developed markets will fare worse and developing markets will fare better.”
Nokia has experienced a decrease in stock shares like many other major companies around the world. The less optimistic outlook for major companies like Nokia, who usually produce high profits during holiday seasons, have some worrying about the fate of certain industries altogether. Nokia has planned to cut jobs for their marketing, research, and gear creation company divisions. The company anticipates substantially lower sales numbers for their fourth quarter than reported last year.
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