Nokia sees world mobile phone market falling in 2009

consumer technology sector newsdesk

The world’s top mobile phone maker Nokia said the mobile phone market would be weaker than it expected in the fourth quarter due to the economic slowdown, and was set to fall further in 2009.

It forecast 1.24 billion phones being sold worldwide this year, down from its previous estimate of 1.26 billion.

“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,” Nokia said in a statement.

“Industry mobile phone volumes will be lower in the fourth quarter 2008 than previously expected. We now estimate fourth-quarter 2008 industry mobile device volumes will be approximately 330 million.”

Nokia also said it estimated that handset volumes will be down in 2009 compared with 2008.

The phone maker said it expected its market share in the fourth quarter to be at the same level or slightly up from the third quarter but that sales and profitability in key devices and services would be hurt.