Nokia posts declining profits as market more competitive

Nokia posts declining profits as market more competitive

Nokia is facing intense competition from Apple in the US and European markets.

The company has come out with their latest revenue report and they have posted a declining profit scenario.

Their third-quarter profit fell 30 percent as Research in Motion and Samsung are gaining momentum in markets around the world.

Nokia however said that they aim to maintain their lead in the market share.

They are also maintaining their industry unit sales forecast for 2008.

Nokia Chief Financial Officer Rick Simonson said in a statement: “A few years ago people would have accused us of being too conservative and having too much cash and not enough leverage. I think the recent times are proving that wrong, it’s for times that aren’t predictable and we are certainly living in one of those. Not earning a lot of yield is a lot better than losing a lot of principal.”