Nokia Corp., the world’s top mobile phone maker, said Thursday its profits fell 69 percent in the fourth quarter as the world economic downturn slowed handset sales.
Net profit was euro576 million ($743.62 million), down from euro1.84 billion in the same period in 2007.
Sales dropped 19.5 percent to euro12.7 billion ($16.4 billion), from euro15.8 billion.
The results came in below expectations, sending Nokia shares down 4 percent in Helsinki to euro9.82 ($12.68).
The Finnish company gave a bleak outlook for the industry, saying it expects global mobile device volumes to drop 10 percent in 2009 compared to last year. Last month, it predicted a 5-percent decrease.
